Bank merger draws market's eye
Despite opening strongly, shares lost ground on both of the nation's
stock exchanges on May 2, as trading resumed following a four-day
national holiday.
Despite opening strongly, shares lost ground on both of the nation's
stock exchanges on May 2, as trading resumed following a four-day
national holiday.
On the Hanoi Stock Exchange, the HNX-Index shed 0.6 percent to close at just 79.35 points. The value and volume of trades each jumped by over 31 percent to total 928.9 billion VND (44.2 million USD ) on a volume of 89 million shares.
Habubank (HBB) was the most-active share nationwide, with 12 million changing hands. Heavy sells dipped HBB to its floor price of 6,700 VND after terms of its takeover by Sai Gon-Hanoi Bank (SHB) were released.
Under the terms, the new bank created by the merger will issue brand new SHB shares. One HBB share will be swapped for 0.75 new SHB share, while one current SHB shares will be exchanged into 1.21 new SHB shares.
The new bank's charter capital will be more than 8.86 trillion VND (421.9 million USD), combining both banks' capital.
While SHB projects a profit this year of around 1.85 trillion VND(85.7 million USD), most of this will be written off to account for Habubank's accumulated losses, and the new entity will not pay a dividend this year.
On the HCM Stock Exchange, the VN-Index finished at 472.46 points, falling nearly 0.3 percent from the previous session's close. Market value reached some 1.8 trillion VND (85.7 million USD), an increase of 38.5 percent over the prior session, as trading volume hit nearly 118.3 million shares.
Over half of the 30 leading stocks by capitalisation and liquidity retreated, dragging the VN30 Index down by 0.3 percent to 539.72 points. Only nine codes in this group posted gains, including software giant FPT, real estate developer Khang Dien House (KDH) and Vinh Son-Song Hinh Hydropower (VSH), which hit their ceiling prices.-VNA
On the Hanoi Stock Exchange, the HNX-Index shed 0.6 percent to close at just 79.35 points. The value and volume of trades each jumped by over 31 percent to total 928.9 billion VND (44.2 million USD ) on a volume of 89 million shares.
Habubank (HBB) was the most-active share nationwide, with 12 million changing hands. Heavy sells dipped HBB to its floor price of 6,700 VND after terms of its takeover by Sai Gon-Hanoi Bank (SHB) were released.
Under the terms, the new bank created by the merger will issue brand new SHB shares. One HBB share will be swapped for 0.75 new SHB share, while one current SHB shares will be exchanged into 1.21 new SHB shares.
The new bank's charter capital will be more than 8.86 trillion VND (421.9 million USD), combining both banks' capital.
While SHB projects a profit this year of around 1.85 trillion VND(85.7 million USD), most of this will be written off to account for Habubank's accumulated losses, and the new entity will not pay a dividend this year.
On the HCM Stock Exchange, the VN-Index finished at 472.46 points, falling nearly 0.3 percent from the previous session's close. Market value reached some 1.8 trillion VND (85.7 million USD), an increase of 38.5 percent over the prior session, as trading volume hit nearly 118.3 million shares.
Over half of the 30 leading stocks by capitalisation and liquidity retreated, dragging the VN30 Index down by 0.3 percent to 539.72 points. Only nine codes in this group posted gains, including software giant FPT, real estate developer Khang Dien House (KDH) and Vinh Son-Song Hinh Hydropower (VSH), which hit their ceiling prices.-VNA
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