Vietnam index ends up 0.8 pct on easing bad debt rule

Tue Feb 18, 2014 3:44am EST

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HANOI, Feb 18 (Reuters) - Vietnam's benchmark VN Index
 closed up 0.76 percent on Tuesday, supported by a central
bank ruling that could ease banks' provisions for bad debts.
    The central bank would allow lenders to keep their
"violated, but good debts" from being classified as bad loans to
"avoid shock in the market," State Bank of Vietnam Governor
Nguyen Van Binh was quoted by state media on Tuesday as saying. 
    The new circular on bank debt classification will come into
effect on June 1.
    The news supported gains in the stock market, analyst Nguyen
Hoai Nam at Maybank Kim Eng Securities said. The index rose in
the afternoon session to close at 574.56 points, after a
0.15-percent gain in the morning.
    Ho Chi Minh City-based Sacombank increased 1.95
percent and Hanoi-based lender Vietcombank advanced
0.69 percent. Other blue chips also rose, led by property firm
Vingroup with a 1.96-percent increase. 
    Vingroup's 2013 net profit surged four-fold from a year
earlier to 7.1 trillion dong ($336 million), it said in a
statement on Monday.
    Here is a snapshot of the VN Index at the close (0801
GMT).
                 VN Index       574.56            
              PREV. CLOSE        570.2            
                 % CHANGE        0.76%            
                                                  
                     HIGH       574.56            
                      LOW       570.16            
                                                  
        Change (%) 1-mnth        4.895            
        Change (%) 3-mnth       13.735            
        Change (%) 1-year       15.418            
                                                  
             52-week high       576.18   14-Feb-14
             52-week low        459.64   27-Feb-13
 ($1=21,080 dong)

 (Reporting by Mai Nguyen; Editing by Ho Binh Minh)
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