More than 5% of Sacombank's capital "changed ownership" due to rumors related to leadership

From a social media post, STB recorded a strong shake. On the stock exchange, the indicator reacted quickly to the information, Sacombank's market capitalization "evaporated" more than 2,260 billion VND with more than 105 million shares changing hands.

On April 2, shares of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank, code STB - HoSE) became the center of attention of the market with liquidity reaching nearly 3,165 billion VND. Trading volume reached 105.1 million shares, making STB one of the rare stocks to achieve a huge liquidity of over 100 million shares.

In the first trading hours, strong selling pressure pushed the stock price down sharply, at one point dropping 5.7% to VND29,600/share. STB shares were strongly affected by rumors. On the Facebook page named "THANG DANG", news was posted about Mr. Duong Cong Minh, Chairman of the Board of Directors of Sacombank, being banned from leaving the country for participating in money laundering for Ms. Truong My Lan, Chairman of the Board of Directors of Van Thinh Phat Company, and some other information.

Also in the morning, Sacombank denied baseless rumors about the Chairman of Sacombank, affirming that the above information was completely fabricated and slanderous to defame Sacombank's leadership.

"Mr. Duong Cong Minh, Chairman of the Board of Directors of Sacombank, is completely unrelated to the Van Thinh Phat case and is not banned from leaving the country as reported by the Facebook page "THANG DANG", the bank's statement emphasized.

Sacombank also said that the Facebook account "THANG DANG" has repeatedly posted fabricated and slanderous information about Sacombank's leaders. Sacombank affirmed that this information is completely fabricated and slanderous to defame Sacombank's leaders and requested that the authorities handle it according to the law.

The above information from Sacombank has somewhat relieved investors' psychology. At one point, STB shares were trading at VND30,950/share. The difference between the highest and lowest prices in the session was up to VND1,350/share.

However, STB still had a relatively strong decrease of 3.8% to 30,200 VND/share with a sudden matching volume of 105 million units. Sacombank's market capitalization "evaporated" more than 2,260 billion VND. STB was also the stock that foreign investors sold the most in the session with a net selling volume of 9.4 million units, equivalent to a net selling value of 283 billion VND. This was a session of sudden net selling of Sacombank shares by foreign investors.

Net buying/selling value of foreign investors in recent days.

Meanwhile, STB shares ranked second in terms of negative impact on the VN-Index, taking away 0.55 points from the index. However, after the lunch break, the general market recovered. High demand at the end of the session helped the indices close in the green.

Source