HCMC – Vingroup stocks soared today, March 7, after its hospitality subsidiary Vinpearl filed for listing on the Hochiminh Stock Exchange.
VIC shares hit the ceiling price of VND45,300, with strong demand throughout the session. Related stocks, VHM and VRE, made significant gains as well.
Investors rushed for VIC shares after the Hochiminh Stock Exchange announced it had received Vinpearl’s listing application. The hospitality company, which is a subsidiary of Vingroup, registered nearly 1.8 billion shares, equivalent to charter capital of VND17.93 trillion.
Headquartered on Hon Tre Island, Nha Trang City, Vinpearl recently issued over 70 million shares at VND71,350 each, raising its charter capital to the current level. The capital will be used for investments in VinWonders Nha Trang, project acquisitions, debt repayment, and working capital.
VHM climbed by 3.1% to VND44,950 per share, trading over 17.82 million shares, while VRE rose by 2% to VND18,200 per share, with 16.87 million shares changing hands. The three stocks collectively contributed nearly 4.5 points to the VN-Index.
The stock surge boosted the net worth of Pham Nhat Vuong, Vingroup’s chairman. Forbes estimates his fortune at US$5.6 billion, up by US$300 million in just four days, placing him 613th on the global billionaire list.
The stock market witnessed widespread gains, with bank and securities stocks performing well. The VN-Index added 7.83 points, up 0.59%, to close at 1,326.05, with 271 winners and 185 losers.
Trading volume exceeded 957.5 million shares worth VND20.8 trillion, a 10% drop in volume and a 7.44% decline in value over the previous session. Block deals contributed 62.3 million shares worth over VND1.2 trillion.
Bank stocks continued their strong performance, with VCB rising 1.7% to VND95,100 per share, adding nearly 2.2 points to the index. CTG gained 1.8% to VND42,400 per share while MBB climbed by 1.7% to VND24,500 per share, leading the market in liquidity with 47.42 million shares traded.
Other bank stocks, including HDB, SSB, ACB, BID and TPB, also posted gains. EIB and LPB were the only bank stocks to decline.
Securities stocks showed a mixed performance. While VCI edged up by 1.1%, others like HCM, VND, FTS, BSI and CTS fell into negative territory. VIX remained highly traded, with over 40 million shares transacted but it ended flat.
The VN30 Index, which tracks the 30 largest-cap stocks, provided strong support for the broader market, rising over 10 points as 16 bluechips advanced while 10 others dipped.
On the Hanoi Stock Exchange, the HNX-Index edged up by 0.4 point, or 0.17%, to 238.41 points, with 79 advancers and 87 decliners. Trading volume on the northern market reached 74.5 million shares valued at VND1.25 trillion.
