4:46:08 PM | 1/12/2009
The Ministry of Finance (MoF) said that the local stock market helped listed companies raise a total of VND17.7 trillion (US$957.5 million) in the first ten months of this year, equal to 70% of 2008’s figures.
The market capitalization reached VND669 trillion, triple the figures at end-December last year, according to figures from the MoF.
The equity market, however, has not become an effective medium and long-term capital mobilization channel for the economy, it said.
Local securities firms, most of which are small-sized, have not yet provided high-quality issuing underwriting, portfolio management and listing consultancy services. Securities trading is also limited, which has not helped stabilize the market.
The ministry said it would complete a legal framework to promote a sustainable development of the market in the coming months.
The VN-Index rose 87.4% during the first ten months of 2009. The State Securities Commission said 726,639 individuals and 2,953 institutions were trading local shares at the end of October. (Securities Investment)
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