Market rises on Sabeco auction
Market rises on Sabeco auction
Shares on both local markets advanced further towards the end of Monday’s afternoon session on solid investor confidence following the successful Sabeco share auction, as well as the recovery of major large-cap stocks.
The VN-Index on the HCM Stock Exchange rallied 2.45 per cent to close Monday at 958.06 points. Viet Nam’s benchmark index had decreased for the last two trading weeks by a total 3.6 per cent.
Meanwhile on the Ha Noi Stock Exchange, the HNX-Index increased 1.88 per cent to end at 113.71 points. The northern market index had fallen 4.4 per cent in the last two weeks.
The market upturn was driven by large caps.
Twenty-two of the top 30 largest shares by market value and liquidity on the HCM City’s bourse gained value, six declined and two ended unchanged.
Energy stocks led the market with most big oil and gas companies recording substantial gains, including PV Gas (GAS), up 6.3 per cent; PetroVietnam Technical Services (PVS), up 7.7 per cent, PetroVietnam Drilling Mud (PVC), up 6.3 per cent, PetroVietnam Coating (PVB), up 9.5 per cent, and PetroVietnam Southern Gas (PGS), up 4.43 per cent.
Banks were another big supporter with nine of ten listed banks advancing. The two biggest lenders Vietcombank (VCB) and Vietinbank (CTG) increased 3.9 per cent and 2.7 per cent, respectively, while others increased between 0.2 per cent and 5.6 per cent.
In terms of a singular stock, FLC Faros Construction (ROS) was the biggest gainer, hitting the maximum daily rise of 7 per cent at VND146,400 (US$6.42) a share. Dairy giant Vinamilk (VNM) was up 4.1 per cent and real estate firm VinGroup (VIC) advanced 5.4 per cent
Shares of brewer Sabeco (SAB) ended flat at VND309,200 per share, a 3.4 per cent discount of the average winning price of VND320,000 at the auction of more than 343.6 million shares, or 53.59 per cent of Sabeco’s capital, offered by the Ministry of Industry and Trade on Monday afternoon on the HCM Stock Exchange.
Vietnam Beverage, a unit of Thai Beverage (ThaiBev) purchased the entire offering.
According to BIDV Securities Co, with support from new cash flow, along with the end of the correction wave, chances are open for new investors as the market gradually recovers.
Liquidity was high on Monday with nearly 309 million shares worth a combined VND6.2 trillion ($272.8 million) traded in the two markets.
