Churn continues in list of largest companies on stock market

State-owned lender Vietcombank maintained its top spot through this year but saw its market cap fall by 15.9% to VND313.7 trillion ($12.89 billion).

Vingroup and Vinhomes suffered the biggest declines among the top 10 companies -- VND1,480 trillion and VND1,410 trillion – with the parent company dropping to third place behind its property subsidiary.

Techcombank lost 48.7% of its market cap and disappeared from the list.

Steel biggie Hoa Phat Group lost 46% and fell from fourth place to 10th.

Vinamilk slipped out of the list in March but has now returned after other stocks saw steeper declines.

Only two companies saw their market cap increase, Petrovietnam Gas and brewer Sabeco.

Petrovietnam Gas rose from seventh place to fourth and Sabeco jumped from 13th to eight to go past Hoa Phat and conglomerate Masan.

The combined market cap of the 10 biggest companies on the Ho Chi Minh Stock Exchange has fallen by 26.7% this year to VND1,760 trillion.

Half of them lost more than the benchmark VN-Index (29.8%).

Agribank Securities said 70% of the VN30 basket comprising the 30 largest stocks now have a lower price-to-book ratio than before Covid.

The VN30 now has a P/B ratio of 2.21 compared to 2.73 at the end of 2019.

The company said it is an opportunity to buy these stocks with a long-term outlook.