Ho Chi Minh City shares edged up Friday as they tracked a strong rally overnight on Wall Street triggered by bargain hunting. The VN-Index, Vietnam’s main stock index, opened strongly thanks to heavy buying, and ended the first session 3.32 percent higher at 357.75 points. But the second session saw the index give up some of its gains before it finally closed 5.83 points, or 1.68 percent, up at 352.07 points. Saigon Thuong Tin Commercial Joint Stock-Bank, or Sacombank, the exchange’s only listed lender, remained the most active by volume, with nearly 2.5 million shares traded.
The deposit rate at commercial banks fell sharply and the capital mobilisation in the banking sector is showing signals of slowdown. At other big banks such as Asia Commercial Joint Stock Bank (ACB) and Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), the deposit rate was also lowered. ACB is charging the deposit rate of 14% per year for three-month term and remaining terms at less than 14% per year such as for six months at 12.55% and nine months at 9-12.5% per year.
Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) signed memorandum of understanding (MOU) to extend its collaboration with Edexcel - the largest awarding education organization in the United Kingdom (UK). Edexcel will draw upon its experience, pedigree and expertise in academic and vocational education and training to help Sacombank implement a world-class training and development curriculum across key functions within the organizations
Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) obtained approval from the Hochiminh City Stock Exchange (HOSE) to buy-back 25 billion shares (equivalent to 5% of its charter capital). From 18 November to 18 December 2008, the buy-back will be executed by order matching or negotiation through Sacombank Securities Company (Sacombank-SBS).