Friday , December 9 2022

Brokerages up stock leverage interests after central bank hikes

Stock brokerages are increasing leverage loan interests by around 2% points to 14% a year after the central bank hiked its policy rates twice last month.

VNDirect on Monday upped its leverage interest rate from 11.88% to 13.8%, and provided the incentive rate of 10.9% to investors who select tickers among the company’s 50 best performing stocks.

Yuanta Vietnam plans to raise its rates from 12% to 13.5% this week, while ACB increased its rates for the first 14 days from 4.5% to 6%, while maintaining the 14% rate for loans from the 15th day onward.

SSI Securities pushed up its rates from 11.88% to 13.5%.

Smaller brokerages like Rong Viet and Ban Viet adjusted its rates up from 12.2% to 13.3%.

“It is only matter of time for brokerages to raise their interest rates after the State Bank of Vietnam hiked its policy rates twice last month,” said a director of a Ho Chi Minh City-based brokerage.

The rates were from 9-11% last year and pushed leverage outstanding loans to over VND200 trillion ($8.04 billion), but then declined VND170 trillion in the third quarter this year.

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