Deputy Minister of Finance: Preventing abuse of the epidemic to manipulate stock prices

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The stock market has been affected by the epidemic. Photo: Internet

Deputy Minister Vu Thi Mai said in the first two trading sessions on January 30 and 31, Vietnam's stock market dropped sharply, losing nearly 45 points, or 4.54 percent. This was a deep drop due to accumulation after a long holiday, similar to other regional countries. This drop was also partly influenced by the epidemic.

However, according to Deputy Minister of Finance, this drop was equivalent to some countries, even lower than some countries which have infected persons. Specifically, the reduction of the Hong Kong market was 9.4 percent, South Korea 5.8 percent and Thailand 5.4 percent. However, by the beginning of February, the downward trend narrowed. In the first two sessions of February, the VnIndex only decreased by 0.8 percent, standing at 994 points. Notably on February 4, the market increased 0.95 points.

With such a decline, Deputy Minister Vu Thi Mai said the Ministry of Finance has directed the Securities Commission to actively publicise information to stabilise investors’ psychology. Accordingly, the Securities Commission has asked stock exchanges and securities companies to report daily on transactions, closely monitor the market and prevent the abuse of the epidemic to manipulate stock prices.

Regarding solutions, in the short term, the leader of the Ministry of Finance said the ministry would take the initiative and monitor the situation of domestic and international securities, require the two stock exchanges and securities depository centres to strengthen supervision and make daily reports and work with authorities to handle acts of profiteering and spreading rumours.

In addition, the ministry will also require securities companies to comply with the daily reporting regime, especially deposit status, strictly comply with trading regulations and enhance information for the press to let people know, understand the situation and not be affected psychologically.

In the long term, this year, the Ministry of Finance will focus on perfecting the legal system, developing decrees and circulars based on the points adopted in the Securities Law (revised).

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In addition, the Ministry of Finance will also focus on promoting the restructuring of the stock market to develop more efficiently and dynamically under the Vietnam's Restructuring Plan of the securities market and the insurance business market until 2020, oriented towards 2025. At the same time, strengthening inspection and supervision and handling violations and strengthen discipline, creating trust for people and helping the market develop sustainably.