Shares of Southeast Asia Bank (SeABank, stock code SSB) are extending the 4-session consecutive increase, in which the last two sessions all touched the ceiling price.
Closing the trading session on September 15, SSB increased to the ceiling price of 20,900 VND/share, with a matched order volume of 6.5 million units, and a ceiling price buy order of about 1.1 million shares.
SSB's upward momentum took place after a strong upward momentum from the end of August. From the session of August 21 to the end of the session of September 15, this stock increased by nearly 40%, becoming one of the bank stocks that increased strongly in the market during this period. The level of 20,900 VND/share is also the highest price range of SSB in about 3 years.
SSB's performance far exceeded the developments of many large-cap bank stocks in the same period. Specifically, VCB increased by 4%, BID increased by 2%, while CTG decreased by 3%.
Another notable development is large-scale negotiated trading activities. According to trading data, in the sessions from August 25 to September 14, about 164.25 million SSB shares were transferred by negotiated method, with a total value of nearly VND 2,923 billion.
SSB's rise began at the end of August, after FTSE Russell announced the results of the semi-annual review and decided to include this stock in the FTSE Global All Cap Index basket.
The portfolio structure change is expected to take effect from September 21, at the same time as the upgrade of the Vietnamese stock market from a frontier market to a secondary emerging market officially takes effect.
SSB is also the only Vietnamese stock to be added to MarketVector Vietnam Local Index, the benchmark index of VanEck Vietnam ETF fund. In the portfolio restructuring period, this fund is expected to buy about 13.2 million SSB shares.
According to forecasts from SSI Securities Company, the Vietnamese stock market may welcome more than 240 million USD of foreign capital before the upgrade time. SSB alone is forecast to net withdraw more than 12 million USD, behind some large-cap stocks such as VPB, VHM and FPT.
