Business

Historic bank merger excites market

Stocks rose on both exchanges on Aug. 9, boosted by the announcement of the merger between Sai Gon-Hanoi Bank (SHB) and Habubank (HBB).
Stocks rose on both exchanges on Aug. 9, boosted by the announcement ofthe merger between Sai Gon-Hanoi Bank (SHB) and Habubank (HBB).

The two banks have to officially announced their merger – the firstever merger between two listed banks in the history of Vietnam 'sstock market.

Over 4 million HBB shares will be delistedfrom the Hanoi Stock Exchange on August 17, and the two banks willcomplete their share swaps by August 28. Shares of the new bank will betraded beginning September 20.

Both shares hit theirceiling prices at the end of Aug. 9's session, with SHB closing at9,500 VND per share and HBB at 5,100 VND.

On the HanoiStock 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'slevel to 376.5 billion VND (17.9 million USD) on trades of 39.5 millionshares.

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 avolume 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 to426.98 points with the value of trades doubled Aug. 8's level, reaching728.3 billion VND (26.7 million USD).

The VN30 Indexgained 0.96 percent to close at 508.58 points, with Tan Tao IndustryInvestment (ITA) most active, with 2.2 million shares traded. ITA closedup 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) allsaw increases of over 2 percent each.-VNA
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