LDG shares were sold off after the Chairman of the Board of Directors was arrested.
In today's trading session, LDG shares were sold at the floor price right from the opening. Investors fled, floor price sell orders piled up. At the end of the morning session, this code is still stuck at the floor price of 3,450 VND, with less than 800,000 shares matched but still has 42.6 million units left to sell at the floor.
By the afternoon session, the stuck stock had been partly absorbed at the floor price. The matched volume reached nearly 917,000 shares, the remaining sell volume at the floor price decreased slightly to 39.1 million units.
LDG was sold off after the news that Mr. Nguyen Khanh Hung - Chairman of the Board of Directors (BOD) of LDG Investment Joint Stock Company - was temporarily detained by Dong Nai Provincial Police during the process of expanding the investigation into the case of "Abusing position and power while performing official duties" that occurred in Doi 61 commune, Trang Bom district, Dong Nai province related to the Tan Thinh residential area project invested by LDG.
Dong Nai police read the warrant to prosecute and temporarily detain Mr. Nguyen Khanh Hung (Photo: Provided by police).
Mr. Nguyen Khanh Hung (born in 1978) was prosecuted and temporarily detained for the crime of "Deceiving customers" as prescribed in Article 198 of the 2015 Penal Code (amended and supplemented in 2017). The decisions to prosecute the accused and the arrest warrant for temporary detention were approved by the People's Procuracy of Dong Nai province.
Previously, in the session of November 30, this code only decreased by 2.89% due to the negative market performance, the matching order yesterday reached a high of 1.75 million shares. Thus, short-term investors who managed to "sell" this stock were able to breathe a sigh of relief, while the psychology of those who were "holding" the stock was negatively affected.
In a related move, Dat Xanh Group (Dat Xanh Group, stock code: DXG) also posted information stating that currently some information has been released about Mr. Nguyen Khanh Hung - Chairman of the Board of Directors of LDG Investment Joint Stock Company being prosecuted and detained for violations in the implementation of the Tan Thinh project in Dong Nai.
Dat Xanh confirmed that Mr. Nguyen Khanh Hung had resigned from his positions at the group since December 2019, as well as resigned from his position as Vice Chairman of Dat Xanh Group in January 2021. Previously, LDG Investment Joint Stock Company was an affiliated company of Dat Xanh Group. However, Dat Xanh Group has divested, thereby ending all responsibilities and rights with LDG Investment Joint Stock Company.
VN-Index reversed to increase at the end of the session, surpassing 1,100 points
In the general market, the indices continued to have a tense trading session. VN-Index continued to adjust in the first half of the afternoon session, but after 2 p.m., a surprise happened.
More active demand pushed the VN-Index up more than 8 points, or 0.73%, to 1,102.16 points, once again surpassing 1,100 points. The VN30-Index increased by 8.69 points, or 0.8%. The HNX-Index increased by 0.11 points, or 0.05%, and the UPCoM-Index increased by 0.23%.
Liquidity improved to 604 million shares, equivalent to VND12,228 billion, on HoSE, but this figure is still low. Trading volume on HNX reached more than 74 million units, equivalent to VND1,348 billion, and on UPCoM it was 30 million shares, equivalent to VND301 billion.
Market breadth was slightly tilted towards the gainers with 500 stocks increasing, 45 stocks hitting the ceiling compared to 426 stocks decreasing, 28 stocks hitting the floor. In the VN30 basket alone, there were 23 stocks increasing and only 1 stock decreasing. Accordingly, GAS, BID, VNM, HPG, VJC, VCB, VRE, MSN, VPB, VIC were the stocks that contributed the most positively to the VN-Index. VHM was the only stock decreasing in the VN30, down 1% to VND40,900.
Earlier, in the morning session, the indices recovered at the beginning of the session, but on the basis of weak liquidity, they all turned around at nearly 10:00 a.m. The VN-Index could not regain the 1,100-point threshold, retreating to 1,093.27 points, losing 0.86 points, or 0.08%. The VN30-Index decreased by 0.63 points, or 0.06%; the HNX-Index decreased by 0.72 points, or 0.32%, and the UPCoM-Index decreased by 0.07 points, or 0.08%.
The liquidity of the entire HoSE floor in the morning only reached 246 million shares, equivalent to VND4,850 billion; on HNX it was 29 million shares, equivalent to VND515 billion and on UPCoM it was 15 million shares, equivalent to VND128 billion.
Investors are cautious as the market faces technical resistance, although on the macro front there is some information supporting the recovery.
Most of the bank stocks adjusted, causing the VN-Index to lose its support. MSB, STB, CTG, MBB, ACB, SHB, VCB, HDB... all decreased in price. In the financial services group, although HCM and SSI increased slightly, many stocks decreased in the opposite direction, such as CTS, ORS, VDS, VIX, VCI, VND.
The strong selling movement focused on real estate stocks. In addition to LDG's bad performance, this morning QCG also dropped 5.4%; NBB decreased by 2.9%; DXG decreased by 2.8%; DXS decreased by 2.6%; TCH decreased by 2%, VHM decreased by 1.9%; PDR decreased by 1.8%.
Construction and materials stocks saw a floor drop at HU1, MDG; TCR shares fell 5.9%; CRC fell 3.7%; CTR fell 2.3%; HVX fell 2%... but these codes had low liquidity. On the contrary, CTD, HHV increased by more than 1%; PC1, FCN, TCD increased in price.
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