Property companies Novaland and Phat Dat Real Estate Development are set to be removed from the VN30 Index on the Ho Chi Minh Stock Exchange on August 7.
Vietnam’s main bourse will replace them with two banking stocks.
NVL of Novaland is being removed since the company failed to submit its 2022 financial reports in time.
The share has gained 6% this year to climb to around VND15,350 (US$0.65).
PDR of Phat Dat is being removed since its market capitalization is no longer big enough though it has risen by over 12% this year to VND19,500.
They will be replaced by SHB of Saigon Hanoi Commercial Bank and SSB of Southeast Asia Commercial Bank.
This means there will be 13 banking stocks in the VN30, which comprises the 30 largest ones on the exchange.
There are four exchange-traded funds that use the VN30 as a reference with combined assets of over VND8.9 trillion.
With these changes, these funds are forecast to buy 14 million shares (4.34% stake) of SSB and 19 million shares (2.67% stake) of SHB, according to SSI Research.
They will sell 8.8 million NVL shares and 2.5 million PDR shares, it added.
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