Mr. Kien was arrested, 5 Vietnamese tycoons lost nearly 1,500 billion VND
The news about Mr. Kien and ACB General Director, Mr. Ly Xuan Hai, shocked the stock market. Investors rushed to sell off.
Continued sell-off
After a session of slowing down, the stock market suddenly plunged even more sharply due to rumors that Mr. Ly Xuan Hai, General Director of Asia Commercial Bank (ACB), was arrested. Although ACB denied it, investors were still worried.
Concerned about ACB, a large stock with a strong influence on the HNX-Index, investors fled all exchanges from the Hanoi Stock Exchange, Ho Chi Minh City Stock Exchange to UpCom. On the two exchanges in Hanoi and Ho Chi Minh City, the situation of blue dominating the electronic trading board was repeated. The buying surplus was not empty but very sparse while the selling surplus was extremely high, especially on the Ho Chi Minh City Stock Exchange.
At the end of the morning trading session on August 23, VN-Index decreased by 16.66 points, equivalent to 4.06%, to 393.57 points. HNX-Index decreased by 3.59 points, equivalent to 5.55%, to 61.06 points.
The 5 richest tycoons on the stock exchange lost nearly 1,500 billion VND
There are many reasons for the stock market to plummet, but in the last two sessions, the arrest of Mr. Kien is still considered the main reason for the stock market to sink. After only two trading sessions, the capitalization of the entire stock market has evaporated more than 2 billion USD.
With the decrease of the floors, Mr. Duc's assets "evaporated" 441.4 billion VND
Mr. Kien was the one who suffered the most damage when his family lost nearly 300 billion VND. But Mr. Kien was not the one who lost the most. Because of his arrest, Mr. Kien "blew away" 1,456.2 billion VND of the 5 richest tycoons on the Vietnamese stock market.
Even more famous in the football world than Mr. Kien, Mr. Duc is in second place in the list of richest people on the stock market. Currently, the Chairman of the Board of Directors of Hoang Anh Gia Lai Joint Stock Company owns 259,670,859 HAG shares. Like many other real estate companies, Hoang Anh Gia Lai has encountered many difficulties in clearing inventory, so the price reduction of HAG cannot be "blamed" entirely on Mr. Kien. However, the fact that HAG increased for 2 sessions after a series of 5 sessions of decrease and price stability, investors have the right to hope that HAG will continue to increase if there is no incident with Mr. Kien.
As a result, after 2 trading days, HAG decreased by 1,700 VND/share. With this decrease, Mr. Duc's assets "evaporated" 441.4 billion VND. Holding two important positions, member of the Board of Directors of Ma San Group Joint Stock Company and Deputy General Director & Member of the Board of Directors of HTD Masan - Masan Consumer Joint Stock Company, Ms. Nguyen Hoang Yen owns an equally "important" number of shares. That is 21,779,528 MSN shares.
In the "psychological storm" of Mr. Kien, MSN was one of the stocks significantly affected. In the session on August 21, MSN hit the floor, down 5,000 VND/share, equivalent to 5%, and closed at 96,000 VND/share. Today, the downward momentum was limited, but MSN still fell 3,500 VND/share, equivalent to 3.6%, and stopped at 92,500 VND/share.
Thus, after 2 sessions, Mr. Kien contributed to "blowing away" 185.1 billion VND of Ms. Yen, causing the total assets calculated based on the number of shares owned by this female general to decrease to 2,014.6 billion VND. In addition, the remaining 3 members in the Top 5 richest tycoons on the stock exchange lost more than 820 billion VND.
The 5 richest tycoons on the stock exchange in particular and the stock market in general will certainly suffer heavier losses when the trading session on August 23 ends.
According to VTC News-M
