Vietnam News Network

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

Trade BCHUSD, Bitcoin and Cryptocurrencies

BUY & SELL BCHUSD | View BCHUSD News & Updates


Buy Sell BCHUSD, Bitcoin and Cryptocurrencies

Brokerages pioneer new UPCoM market   2009-06-24 - VietNamNet/VNS

Half of the 10 firms initially listing shares on the unlisted public companies market (UPCoM), set to roll out today at the Ha Noi Securities Trading Centre - the market organiser, are securities firms.

Viet Dragon Securities Co will become the most-heavily capitalised share on the new market, with an equity of VND350 billion (US$19.7 million), while seafood producer Cafico Viet Nam becomes the smallest, with an equity of VND16.29 billion ($915,168).

Earlier this month, the centre had announced that UPCoM would launch with 22 firms participating, but the centre now says that the final selection of 10 companies was aimed at building investor confidence in the market.

"The period from June 24 through July is a test trial while we complete the legal framework for UPCoM, as well as to determine the needs of the market," said the centre’s deputy director, Nguyen Thi Hoang Lan.

"By the end of this year, we plan to increase the number of companies on this market to 40," confirmed centre director Tran Van Dung.

The prominence of securities firms on UPCoM differentiates it from other official markets, making them key motivators for its development.

"Their participation will help create liquidity for UPCoM," said Dung.

In the latest circular on UPCoM operations issued last Monday, the Ministry of Finance authorised stock brokerages to execute both buy and sell orders in a particular share within the same trading day. But these firms must also report trading activities to the Ha Noi centre twice daily, which would help investors catch good prices for trades and reduce the possibility of manipulation, Dung said.

About UPCoM
 
Launch day: June 24, 2009
Kind of securities: shares from unlisted public companies or from listed companies which cannot meet minimum capital requirements of official markets; convertible bonds of public companies.
Number of companies initiating trading: 10 companies: five securities firms, five other enterprises.
Trading band: +/- 10%
Method of trading: negotiation. Normal trading by negotiation is when investors find sellers/buyers, and the trading result is uploaded to the technical system of securities companies, then reported to the centre. Automatic trading by negotiation is when investors do not find sellers/buyers, but buy/sell orders are uploaded to the technical system of securities firms to find suitable partners.
Daily time for reporting trades to the HASTC: 10-11am, 1-3pm, Monday-Friday.
Maximum foreign ownership: 49 per cent (lower for bank shares).
Number of securities put in an order: 10.
Name of index: UPCoM-Index.



Other news

BUSINESS IN BRIEF 24/6   2009-06-24

US launches investigation of alleged subsidies to VN plastic bag exports   2009-06-24

Vietnam’s ‘dragon fruit’ now ‘flying’ to the US   2009-06-24

Small garment workshops going their own way   2009-06-24

The prices of US$ bonds   2009-06-24

Good chance for farmers to increase fruit exports to China   2009-06-24

Business picks up thanks to stimulus   2009-06-24

Ministry decries US catfish duties   2009-06-24

The private-invested apartment fever in Hanoi   2009-06-24

Chinese products with Vietnamese names   2009-06-24

Gold price tipped to rise as US strategy increase inflation threat   2009-06-24

Vietnam FDI plummeted 77 percent in first half   2009-06-24

DHL launches new JV in Vietnam   2009-06-24

National economy better, but difficulties ahead: experts   2009-06-24