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Wednesday, June 19, 2024

VRE hits ceiling as Vingroup divests retail arm

The Saigon Times

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HCMC – Vincom Retail JSC’s VRE shares surged to their upper limit after news broke that Vingroup JSC (HOSE: VIC) would offload its entire stake in SDI Trading Development and Investment JSC.

SDI owns over 99% of Sado Trading Commercial Joint Stock Company, which is the largest shareholder of Vincom Retail, and holds over 940 million VRE shares, or a 41.5% stake.

The decision was made during a meeting of Vingroup’s board of directors on March 17. However, Vingroup is still a major shareholder in Vincom Retail, with an 18.8% stake.

Closing the trading session today, March 18, VIC gained 3.83% to VND46,100, while VRE shot up to the ceiling price of VND27,550. They reported trading volumes of 7.7 million shares and 34.6 million shares, respectively.

The VN-Index of the Hochiminh Stock Exchange ended on a negative note, as losers quadrupled winners, at 407 to 103. The benchmark index lost 20.22 points, or 1.6%, to 1,243.56 points.

Trading volume and value jumped today, with volume spiking 59.8% to 1.71 billion shares and value rising 56.8% to VND43.1 trillion. Block deals contributed 92.36 million shares worth VND2.8 trillion.

The VN30 basket, grouping the 30 largest-cap stocks, became the main drag on the main index. With 28 bluechips dipping, the VN30-Index lost 20.68 points, or 1.65%, to close at 1,235.74 points.

VIC and VRE were the sole gainers within this group. They collectively contributed 2.7 positive points to the VN-Index.

On the other hand, GVR declined the steepest, down 5.9% to VND32,550. With 13.9 million shares traded, it took away 1.9 points from the main index.

Real estate stocks performed well, with many stocks gaining from 3.4% to 4.9%, including HQC, SCR, ITC, and SJS.

Housing developer DIG soared to its ceiling price of VND30,450, with a substantial trading volume of 78.9 million shares, the highest on the southern bourse.

Pharmaceutical stocks also bucked the downward trend, with DHG rising by 5.95%, DMC by 2.36%, and DBT by 1.24%.

However, fertilizer and chemical stocks recorded significant declines, with DGC and BFC plunging to their floor prices. Other sectors ended in negative territory.

Decliners doubled advancers on the Hanoi Stock Exchange at a ratio of 125 to 58, sending the HNX-Index down 2.86 points, or 1.19%, to 236,68 points.

The northern bourse saw 181.92 million shares worth nearly VND3.8 trillion changing hands, up 70% in volume and value from the session earlier.

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