Historic bank merger excites market
QĐND - Friday, August 10, 2012, 20:38 (GMT+7)
|Photo for illustration. Source: dvt.vn
Stocks rose on both exchanges on Aug. 9, boosted by the announcement of the merger between Sai Gon-Hanoi Bank (SHB) and Habubank (HBB).
The two banks have to officially announced their merger – the first ever merger between two listed banks in the history of Vietnam's stock market.
Over 4 million HBB shares will be delisted from the Hanoi Stock Exchange on August 17, and the two banks will complete their share swaps by August 28. Shares of the new bank will be traded beginning September 20.
Both shares hit their ceiling prices at the end of Aug. 9's session, with SHB closing at 9,500 VND per share and HBB at 5,100 VND.
On the Hanoi Stock Exchange, the HNX-Index closed up 0.44 percent to 70.79 points. The value of trades decreased, however, falling 29 percent from Aug. 8's level to 376.5 billion VND (17.9 million USD) on trades of 39.5 million shares.
The HNX30 Index, tracking the 30 leading shares by market capitalisation and liquidity, rose 0.65 percent to 135.98 points.
PetroVietnam Construction (PVX) became the most-active share on a volume of 3.9 million, rising 1.16 percent to 8,700 VND per share.
On the HCM Stock Exchange, the VN-Index also inched up 0.81 percent to 426.98 points with the value of trades doubled Aug. 8's level, reaching 728.3 billion VND (26.7 million USD).
The VN30 Index gained 0.96 percent to close at 508.58 points, with Tan Tao Industry Investment (ITA) most active, with 2.2 million shares traded. ITA closed up by 1.45 percent to 7,000 VND per share. Dairy giant Vinamilk (VNM), insurer Bao Viet Holdings (BVH) and food processor Masan Group (MSN) all saw increases of over 2 percent each.