Sabeco listing fails to lift market
Investors follow transactions at an exchange floor in Hà Nội. — Photo tapchitaichinh.vn
HÀ NỘI – Saigon Beer Alcohol Beverage Corporation (Sabeco) hit the daily limit rise of 二0 per cent on its first trading day on the main bourse in HCM City yesterday but this was not enough to lift the market which was dragged down by growing pessimism in the market outlook.
The benchmark VN-Index on the HCM Stock Exchange (HOSE) sank for a second day, falling 一. 三 per cent to close at 六 五 一. 五 points. It slipped 四. 四 per cent in one month ending December 六.
On the Ha Noi Stock Exchange, the HNX-Index dropped 一. 四 per cent to 七 九. 三 points. The gauge slumped 二. 二 per cent in the past month.
The Saigon Beer Alcohol Beverage Corporation made its debut of 六 四 一. 二 八 million shares on HOSE at a reference price of VNĐ 一 一0,000 (US$ 四. 八 五) a share, under the code SAB.
Sabeco’s shares hit the daily rise limit of 二0 per cent and closed at VNĐ 一 三 二,000 per share.
“SAB can rise to the ceiling prices in the next sessions as the starting price of VNĐ 一 一0,000 per share was only equal to the current price of Habeco on the UPCoM while Sabeco is valued much higher,” said Trần Hải Yến, a stock analyst at Bảo Việt Securities Co.
However, unlike the BHN listing, which boosted other beer companies, the shares of other brewery firms such as Saigon Beer Western (WSB), Sài Gòn –Phú Thọ Beer (BSP) and Sài Gòn-Miền Trung Beer (SMB) all declined to the daily highest decline of 一 五 per cent on the UPCoM.
Large-cap stocks continued their downward spiral, with 二 五 of the top 三0 largest shares by market capitalisation and liquidity on the HOSE losing value. Only five stocks – Bảo Việt Holdings (BVH), Masan Group (MSN), PV Gas (GAS) and Sacombank (STB) - bucked the trend.
Liquidity decreased when 一 七 四. 四 million shares, worth a combined VNĐ 二. 八 trillion, were traded on the two markets, both down over 二 二 per cent from Monday’s levels.
Foreign traders increased selling again with yesterday’s net sell valued at VNĐ 一 六 一 billion, a nearly eight-fold rise over Monday.
The US dollar yesterday strengthened against the Vietnamese đồng at local banks and on the informal domestic market. The greenback, however, held near a three-week low against a basket of six major currencies in the global market as investors viewed the recent strengthening as excessive.
Domestic banks yesterday moved up against the dollar by 一 五- 二0 đồng to VNĐ 二 二, 七 七0 per dollar, while the dollar was traded at VNĐ 二 三, 三 二0 on the informal market. – VNS
