On April 2, Sacombank’s STB shares experienced a significant drop in value during the morning trading session, with rumors surrounding the bank’s leadership and alleged involvement in an economic case contributing to the decline. The stock plummeted, almost reaching the floor level at one point, losing nearly 5.7% of its value. However, by the end of the session, the decline had narrowed to less than 3%, although it still impacted overall market performance.
The decline in banking stocks, including Sacombank’s STB shares, was one of several factors that contributed to a larger market drop in Vietnam’s VN-Index, which lost more than 10 points during the session. The selling off of STB shares was triggered by social media rumors that Mr. Duong Cong Minh, Chairman of the Board of Directors of Sacombank, was barred from leaving the country due to his alleged involvement in an economic case.
In response to these rumors, Sacombank issued a statement denying any allegations against Mr. Duong Cong Minh and reassuring customers that bank operations were running normally. The bank emphasized that necessary legal measures were being taken to address any false information being circulated about its chairman and prevent any potential harm to its customers or stakeholders.
Sacombank also highlighted Mr. Duong Cong Minh’s professional background in their statement, detailing his previous roles in various companies before joining their leadership team. Despite this market turbulence caused by rumors, Sacombank remained focused on addressing the situation and ensuring customer safety and security at all times.
Overall, while the decline in banking stocks like Sacombank’s STB shares may have contributed to a larger market drop on April 2nd, it is important for investors and traders alike to conduct thorough research before making any investment decisions based on unsubstantiated rumors or speculation.
