Vietnam News Network

Vietnam News: Local, National, Business, Sport, Entertainment and Technology

Trade BTCUSD, Bitcoin and Cryptocurrencies

BUY & SELL BTCUSD | View BTCUSD News & Updates

Buy Sell BTCUSD, Bitcoin and Cryptocurrencies

Brokerages urge delay to trading hours extension   2012-02-15 - VNS

Staff process transactions at the Ha Noi Stock Exchange. — VNA/VNS Photo Pham Hau.
  The HCM City Stock Exchange late last week rejected rumours circulating in the media that daily trading hours would be extended as early as February 20.

The exchange said it was still waiting on a higher-level response before making an official decision to go ahead, while Ha Noi Stock Exchange officials said any extension in trading hours would depend on what course was taken on the southern bourse.

Bao Viet Securities Co general director Nhu Dinh Hoa said his firm was prepared for the longer trading hours but expressed doubts over whether now was an advantageous time to make the change. It might merely cause firms to shoulder more costs at a time market scale remained small and investors were showing little interest.

Tran Huu Chung, brokerage director of Sai Gon-Ha Noi Securities Co, warned that longer trading hours might cause additional investor fatigue in an already gloomy market situation and would make it difficult for financial services to be carried out after 3pm, the cut-off time for banks to make interbank money transfers.

Chung said the change would make it more difficult for brokerages to complete transaction procedures in a timely manner and would increase their costs.

"We think that the change should be considered when the market recovers or after June 30 of this year," he said.

However, An Phat Securities Co general director Tran Thien Ha said afternoon trading hours would give individual investors more flexibility to trade and securities companies more opportunities to increase brokerage revenues

"There are opinions saying an increase in trading time will cost market members more but I don't think so," said Ha. "On the contrary, transactions taking place only in the morning means that investors and securities firms are squandering money."

With current trading hours, most staff could finish their work in the morning, while securities companies were paying wages for them for the entire day, he said.

"We have proposed the extension to market regulators since 2009," said Tan Viet Securities chairman Nguyen Van Dung, who added that the change would help increase share liquidity and help investors eliminate the disadvantage of time zone differences.

"Only slight improvements could be expected in the present difficult context, but clearer effects will be seen when the economy stabilises, the health of enterprises improves and the market becomes busier," Dung said.

Other news

Credit growth disallowed at certain banks   2012-02-15

It’s difficult to drive FDI flow to the true tracks   2012-02-15

At least 50 private securities companies have to struggle to survive   2012-02-15

State salaries under the microscope   2012-02-15

Despite favorable conditions, interest rates have not decreased yet   2012-02-15

Credit growth disallowed at certain banks   2012-02-15

Controls tightens on fruit and vegetable exports to the EU   2012-02-15

Well-processed coffee percentage increases   2012-02-15

Investor optimism lifts indices   2012-02-15

State Bank allocates credit growth rates   2012-02-15

Finance costs gobble up businesses’ profits   2012-02-14

Hoang Anh Gia Lai kicks of $40 million airport project in Laos   2012-02-14

S&P, Moody's issue credit ratings for Sacombank   2012-02-14

Salaries in SOEs sky high somewhere, very low elsewhere   2012-02-14