Rumors have emerged that Eximbank shares have been under strong selling pressure since the beginning of the week. This development comes ahead of the Extraordinary General Meeting of Shareholders scheduled to take place at the end of November.
Foreign investors net sold 5.3 million EIB shares amid rumors
As an investor who decided to sell off EIB shares today, Ms. Minh Nguyet (36 years old, Thanh Xuan District, Hanoi) accepted the loss. "This information started to spread in the morning session, causing EIB shares to plummet, many people were afraid, the price would decrease even more. At the same time, I questioned the internal problems of the bank, so the sell-off appeared. I also sold thousands of EIB shares, accepting the loss," Ms. Nguyet said.
At the end of today's session (October 14), nearly 42.7 million EIB shares (Eximbank, HOSE) were traded, worth nearly VND 780 billion, foreign investors net sold more than 5.3 million units, equivalent to VND 97 billion.
EIB became the second most negatively affected stock for the trading session on October 14 with a sudden increase in trading volume.
At the same time, EIB also became the stock with the strongest negotiated transaction of the session with a value of VND 1,050 billion, accounting for nearly 36% of the total negotiated transaction value on HOSE.
This development is believed to come from rumors that Eximbank's Board of Supervisors has sent a written petition and reflection to the authorities about this bank's unsafe lending.
This partly directly affects investor sentiment, especially the group of investors holding EIB shares.
Eximbank speaks out
Contacting Eximbank, the company said that the image of the document circulating online was only a part of it, so the bank could not confirm whether the information was correct or not. The company's management is still checking and reviewing.
Regarding business performance, in the first 6 months of the year, Eximbank achieved 1,170 billion VND in after-tax profit, a slight increase of 4.6% over the same period.
Previously, many stocks on the stock exchange had been "in trouble" when negative rumors appeared. Although it is not certain whether the rumors are true or false, most of them have significantly affected market sentiment, as well as the performance and price of stocks on the exchange.
Recently, in the same situation, TCH shares (Hoang Huy Financial Services Investment JSC, HOSE) were also sold off on August 8, 2024 when "rumors" appeared in groups about the company being investigated by the Securities Commission for transactions in the period 2021-2022.
Immediately afterwards, on August 9, the State Securities Commission spoke up, saying that this was a periodic inspection activity according to regulations for listed enterprises.
However, the influence of the rumor also caused TCH to decrease by more than 6.74% in the session on August 8, to a price of VND 16,600/share. The capitalization at TCH "evaporated" about VND 1,000 billion.
Up to now, TCH has had a period of recovery to the threshold of 17,000 - 18,000 VND/share. However, TCH continued to decrease sharply by 6.27% under selling pressure today, returning to the threshold of 16,450 VND/share with information about the investigation of violations related to land acquisition at the 275 Nguyen Trai project.
Experts recommend that investors should calmly verify unofficial rumors spreading on social networks.
Banks with many fluctuations
One of the major changes of Eximbank that always attracts the attention of investors and the market is related to the "hot seat" position . In just over a year, the position of Chairman of the Board of Directors at Eximbank has been "replaced" by 3 leaders.
At the end of June 2023, Ms. Do Ha Phuong, a female leader born in the 80s, was appointed to the position of chairwoman of Eximbank, replacing Ms. Luong Thi Cam Tu.
However, less than a year later, on April 26, 2024, Eximbank suddenly announced the dismissal of Ms. Do Ha Phuong following her resignation from the position of Chairwoman of the Board of Directors (BOD); appointing Mr. Nguyen Canh Anh to take the position of Chairman of the Board of Directors for the 7th term (2020-2025) from April 26.
Regarding the power struggle at Eximbank, before Ms. Phuong, Ms. Luong Thi Cam Tu, the former chairwoman of Eximbank, had held this position twice. The first time in March 2019, the decision was not yet completed when there was controversy when Mr. Le Minh Quoc (predecessor) filed a lawsuit, the court requested to stop this appointment.
Ms. Tu then returned to the position of chairwoman for the second time in February 2022, at the same time Ms. Do Ha Phuong was elected to the Board of Directors.
In addition, recently, in just the first 2 weeks of October, Eximbank continued to have high-level personnel changes. Specifically, EIB reappointed Mr. Nguyen Hoang Hai as Acting General Director for a term of 3 years on October 3. Next, Mr. Pham Dang Khoa was appointed as Deputy General Director from October 11 for a term of 3 years.
This development was carried out right before the bank's upcoming Extraordinary General Meeting of Shareholders on November 28, 2024, to discuss the change of headquarters and important contents. Unlike many previous years, this meeting took place in Hanoi, but there is no information about the specific location.
At the same time, another major change at EIB in the coming time is moving the current headquarters to another location, but so far, the new headquarters location has not been mentioned by Eximbank.
The recent fluctuations at Eximbank have appeared since the bank welcomed a new shareholder, also a major shareholder of the bank (holding ratio 10%) - Gelex Group Corporation (GEX, HOSE). On the stock exchange, GEX shares also had a not-so-positive trading session, down 2%, to VND20,800/share.
Source: https://phunuvietnam.vn/ly-do-bat-thuong-khien-co-phieu-eximbank-bi-ban-thao-ngay-phien-dau-tuan-20241014175521336.htm
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