Positive economic news boosts Vietnam's stock market

Positive economic information boosted shares on Vietnam's stock market during the week, retaining above 500-point mark. Credit growth in the first five months of this year reached 2.3 percent, while inventories as of May 1 declined 0.8 percent compared with the same period last year. Although the trade deficit in May hit 2 billion U.S. dollars, it indicated that production recovered. Notably, over 7,200 enterprises were established in May. After banking deposit rates were lowered to 6 percent this year, securities firms have reduced their margin lending rates to around 15-17 percent, Vietnam News Agency reported. Economists said that the economy is recovering from the first quarter's ailing situation. The VN-Index of the HoSE went down 3.06 points or 0.59 percent to close at 518.39 points on Friday. During the week, VN-Index gained 18.15 point or 3.62 percent against last Friday's closing session. The index experienced three ups and two downs, posting the highest level of 521.45 points on Thursday and the lowest level of 512.41 points on Monday. Last week VN-Index ranged from 492.27 points to 502.23 points. A total of 150.13 million shares worth 2.526 trillion VND (121. 16 million U.S. dollars) changed hands at the HoSE on Friday, an increase of 98.6 percent in volume and 104.2 percent in value against Thursday. VN-30 index, the new benchmark index for the HoSE which has been applied since Feb. 6, 2012 and tracks the 30 leading shares by both market capitalization and liquidity, closed at 581.95 points on Friday, down 2.75 points, or 0.47 percent against the previous trading day. A total of 81.793 million shares were traded, worth 1.786 trillion VND (85.66 million U.S. dollars). On the country's northern bourse, Hanoi Stock Exchange, the HNX- Index concluded at 64.62 points, down 0.52 points, or 0.8 percent on Friday against the previous trading day's closing session.