'Earthquake' causes billionaire Pham Nhat Vuong to lose 1.1 billion USD

The gap between female billionaire Nguyen Thi Phuong Thao and Mr. Pham Nhat Vuong narrowed quite quickly because the total assets of the only female billionaire in Southeast Asia did not decrease much in the recent "blood-stained" earthquake.

The trading session on February 6 continued to be a dark day for the Vietnamese stock market. After a session of 53 points, the VN-Index dropped by more than 63 points at one point, before closing the session down 37 points.

A series of stocks continued to hit the floor. Some codes contributed to the narrowing of the red color on the market such as Vingroup (VIC) of Mr. Pham Nhat Vuong, Hoa Phat (HPG) of billionaire Tran Dinh Long, Masan (MSN) of billionaire Nguyen Dang Quang... HPG increased by 1.8%, MSN increased by 1.5%, NVL increased by 0.2%, VIC stood at the reference price.

After two panic sessions, the capitalization of the Vietnamese stock market has evaporated about 14 billion USD. According to Forbes' calculations, Mr. Pham Nhat Vuong alone lost about 1-1.1 billion USD, down to 4.5 billion USD. Ms. Nguyen Thi Phuong Thao lost about 200 million USD, down to 3.1 billion USD.

Thus, the gap between Ms. Thao and Mr. Vuong has narrowed considerably. Mr. Vuong is still the richest USD billionaire in Vietnam, while Ms. Phuong Thao is the only female billionaire in Southeast Asia.

Due to the rapid evaporation of assets, Mr. Vuong's ranking in the world's richest people list has dropped from about 370 to 473rd place. Ms. Nguyen Thi Phuong Thao has dropped from 728th place at the end of January to 755th place now.

Although assets decreased rapidly, in fact, Vingroup (VIC) shares of Mr. Pham Nhat Vuong only hit the floor for 1 session and were the rare stocks that stood still in the dark session on February 6. Vincom Retail (VRE) shares of Mr. Vuong hit the floor for 2 sessions but had a huge trading volume. This stock matched orders on the floor in the session on February 6 for more than 450 billion VND. Foreign investors bought 94 million shares by agreement in this session, worth 4,500 billion VND.

Vincom Retail JSC (VRE) shares have caused a storm before being listed and after being listed, they have proven their strength with a price increase of 54% compared to the opening price within 2 weeks. This is a rare enterprise on the stock market that has surpassed the capitalization threshold of 100,000 billion VND.

VRE is expected to be highly regarded due to its position as a member company managing and operating shopping malls of Vingroup Corporation, owning and operating the largest and fastest growing shopping mall system in Vietnam.

VIC stock is also a rare stock with a capitalization of over 10 billion USD on the Vietnamese stock market (only after Vinamilk).

Despite the sharp decline in the past two sessions, the Vietnamese stock market is still attracting a strong cash flow. In the red session on February 6, the total transaction value soared to nearly 17,000 billion VND, an unprecedented record.

Vietnam’s stock market is currently in an unprecedented period of excitement in its history. After more than a year of almost continuous increases, the stock market is at a peak of more than 10 years. Profit-taking pressure can drag the market down as usual.

According to many securities companies, selling pressure will decrease in the coming sessions and the market may soon recover thanks to bottom-fishing demand and the confidence of large domestic and foreign investors in the long-term prospects of the market as well as the economy.

SHS forecasts that in the trading session on February 7, increased bottom-fishing demand could help VN-Index recover to fill the gap created between the sessions of February 5 and February 6 in the range of 1,026-1,048 points.

SSI Retail Research believes that the market may continue to decline sharply in the next session and the VN-Index may retest the price range of 1030-1035 points. At the same time, according to the short-term technical indicator system, SSI Retail Research assesses that the market may experience a short-term recovery when the VN-Index falls to the above price range.

At the close of trading on February 6, VN-Index fell 37.11 points to 1,011.6 points; HNX-Index fell 3.31 points to 115.64 points. Upcom-Index fell 1.98 points to 54.95 points. Liquidity reached nearly 620 million shares traded. Value reached 17 trillion VND, higher than the average of nearly 4.8 trillion VND in the bustling weeks in June-July.