Two real estate stocks removed from large-cap basket

On the afternoon of July 17, the Ho Chi Minh City Stock Exchange removed NVL and PDR stocks from the basket of 30 stocks with the largest market capitalization, replacing them with two bank stocks, SHB and SSB.

Shares of No Va Real Estate Investment Group (Novaland) increased by 6% in the first half of the year, but were put on warning since April due to late submission of financial reports, so they did not meet the criteria to stay in the VN30 basket. As for shares of Phat Dat Real Estate Development Joint Stock Company (PDR), the market price increased by more than 12% but its capitalization is currently outside the top 40 stocks, so it was also eliminated.

The presence of Saigon - Hanoi Bank (SHB) and Southeast Asia Bank (SSB) increased the number of bank stocks in the VN30 basket to 13, alongside ACB, BID, CTG, HDB, MBB, STB, TCB, TPB, VCB, VIB and VPB.

The new list takes effect from August 7.

The VN30 index has been used by HoSE since early February 2012, including 30 stocks with the highest market capitalization and liquidity. There are 3 steps to select stocks in this basket. First, HoSE selects 50 stocks with the highest average daily market capitalization in the past 6 months, excluding stocks that have been warned, controlled, suspended from trading or listed for less than 6 months.

HoSE then removes stocks with a free float ratio of less than 5%. The remaining stocks after step 2 are arranged in order of decreasing average daily trading value over 6 months. The first 20 stocks will be selected for VN30. Stocks ranked from 21 to 40 will prioritize old stocks, then select new stocks to be included in the basket (this is to ensure the stability of the index).

There are currently 4 ETF funds using the VN30 index as a reference, including VFM VN30, SSIAM VN30, Mirae Asset VN30 and KIM VN30, with total estimated assets of more than VND 8,900 billion.

SSI Research estimates that the above funds will buy 14 million shares of SSB (4.34% weight) and 19 million shares of SHB (2.67%). The portfolio is estimated to have 13 bank stocks with a total weight of 51.5%. Meanwhile, the funds will sell about 8.8 million shares of NVL and 2.5 million shares of PDR.

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