June 11, 2014 / 5:11 AM / in 3 years

Vietnam index up 0.3 pct at midday; eyes on lower rate

2 Min Read

HANOI, June 11 (Reuters) - Vietnam's benchmark VN Index
 edged up 0.3 percent at the break on Wednesday, led by
gains in small- and mid-cap shares as the market expected the
central bank to soon reduce the deposit ceiling rate, an analyst
said.
    Major banks have cut their deposit rates early this week,
boosting investors' expectation that the central bank could soon
lower the cap on deposit rate for terms shorter than six months,
said analyst Doan Thi Anh Nguyet of Saigon-Hanoi Securities.
    The ceiling is expected to be cut by 0.5 percentage point to
5.5 percent, she said. Lower deposit rates can make bank loans
cheaper. 
    "This could boost the country's credit growth," Nguyet said.
    Hanoi-based Vietcombank was among the top gainers,
advancing 1.05 percent, and brokerage firm Saigon Securities
Incorp increased 2.87 percent.
    Here is a snapshot of the VN Index at midday (0431
GMT).
                VN Index       568.6              
             PREV. CLOSE      566.89              
                % CHANGE       0.30%              
                                                  
                    HIGH      570.25              
                     LOW      566.51              
                                                  
       Change (%) 1-mnth       4.504              
       Change (%) 3-mnth      -2.878              
       Change (%) 1-year        8.07              
                                                  
            52-week high      609.46     25-Mar-14
            52-week low       462.13     30-Aug-13
 
 (Reporting by Mai Nguyen; Editing by Ho Binh Minh)

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