Reuters: Financial Services and Real Estate: UPDATE 1-Vietnamese stocks rise on lending cap talk

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UPDATE 1-Vietnamese stocks rise on lending cap talk May 4th 2012, 08:32 Fri May 4, 2012 4:32am EDT (Updates with close, foreigner trading details, more comments) HANOI May 4 (Reuters) - Vietnamese stocks closed higher on Friday on buying demand for securities, energy and steel stocks following talk the central bank would cap lending rates, a broker and an analyst said. Foreigners bought 194.58 billion dong ($9.35 million) worth of stocks and sold shares valued at 61.47 billion dong in the Ho Chi Minh Stock Exchange, the exchange said. VN INDEX +1.60 percent at 476.32 points. Volume of shares traded: 108.08 million shares. Value of shares traded: 1.71 trillion dong. Largest gainers, largest losers HNX INDEX +1.98 percent at 81.27 points. Volume of shares traded: 101.14 million shares. Value of shares traded: 1.06 trillion dong. Largest gainers, largest losers Broker/analyst comments Doan Tran Phuong Phi, head of brokerage, Ho Chi Minh City Securities: "Stocks rose today thanks to positive information about a cap on lending rates. Steel, securities and oil and gas stocks led the market. "It would be tough for the market to pass the recent strong resistance levels and it will take more time to consolidate." Do Bao Ngoc, analyst, Habubank Securities: "News that the Industry and Trade Ministry will not raise electricity prices, the central bank and 12 major banks discussing a plan to apply lending cap and that the deposit ceiling may be cut by one percentage point were positive for the gain today. "The indices are approaching the recent peaks. "Corporate earnings reports in the first quarter are better than in the fourth quarter but not as solid as expected. "There is a 50/50 chance that stocks could pass the recent highs. Cash inflows were relatively stable." ($1=20,810 dong) (Reporting by Vu Duy) Link this Share this Digg this Email Reprints

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