State corp. buys shares to soothe market

07/03/2008 -- 9:22 PM

Ha Noi (VNA) – The State Capital Investment Corporation (SCIC) announced on March 7 it has purchased shares from a number of listed companies to help bolster the stock market. The market closed on gains at both bourses on March 7, marking the second day of the rising trend on the back of SCIC’s share purchase news. However, at 640.14 points, the VN-Index of the Ho Chi Minh City Stock Exchange was still a far cry from the 1,000 point level at this time last year . SCIC Deputy General Director Le Song Lai said the move is part of the Government’s efforts to stabilise the market. He added that the market now needs support from not only the SCIC but also various agencies, organisations and businesses. SCIC was established by the State to receive and re-allocate state capital in restructured state-owned enterprises. It currently holds shares in more than 800 enterprises, many of which already listed on the stock market -Enditem
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