APEC group shares plummet to the floor limit, with millions of units offered for sale.

Most notably, API shares of Asia Pacific Investment Joint Stock Company plummeted to the floor price of 10,200 VND/share with a surplus of 2.4 million units for sale. Prior to this, the stock had surged from 4,700 VND/share to 11,300 VND/share in just one month, with several consecutive sessions hitting the upper limit.

Within the APEC ecosystem, APS shares of Asia Pacific Securities Joint Stock Company and IDJ shares of IDJ Vietnam Investment Joint Stock Company also had a gloomy trading session on May 29th after a series of positive gains.

At the close of trading on May 29th, APS shares fell sharply by 9.09% to 8,000 VND/share, with a surplus of 1.8 million units for sale. Prior to this, the stock had increased by 62.96% from 5,300 VND/share to 8,800 VND/share in the past month.

Similarly, IDJ fell 8.75% to 7,300 VND/share with over 2.24 million units remaining unsold. Just one month prior, IDJ had surged 73.91% from 4,600 VND/share to 8,000 VND/share on May 28th.

Recent price movements of API (Source: TradingView).

Notably, recently these three stocks consistently had no sellers and millions of buy orders at the ceiling price before hitting the floor price and millions of sell orders.

In the past, these three stocks dominated the market with a phenomenal surge in 2021.

With APS, from an initial "penny stock" price of around 5,000 VND/share, it experienced a rapid surge to a historical peak of 59,900 VND/share on November 18, 2021, a 14-fold increase in less than a year.

Along with the surge in APS shares, API shares of Asia Pacific Investment Company have increased sevenfold, and IDJ shares of IDJ Vietnam Investment Joint Stock Company have also increased fivefold compared to the beginning of the year.

The price movement of APS.

According to Mr. Nguyen The Minh, Director of Analysis at Yuanta Vietnam Securities, the reason for the sharp increase in stock prices stems from two issues. Firstly, it concerns the story related to the stock itself. At Apec Group, the stock price had previously fallen sharply due to controversies surrounding the company's leadership. However, after Mr. Lang returned, the stock price rose because the issues were resolved.

Secondly, there's the FOMO syndrome. When a stock hits its upper limit for the third consecutive session, it attracts the attention of investors, causing many to chase the price with FOMO, regardless of the company's business results.

Mr. Minh assessed that the three stocks belonging to the Apec group have the "character" of highly speculative stocks. However, in the coming period, these stocks are likely to move in line with the overall market. Accordingly, after a period of strong market growth and heading towards the previous peak of 1,300 points, the pressure for correction is likely to increase.

Indeed, the decline in Apec group stocks coincided with the market reversal on May 29th, driven by increased selling pressure. In the afternoon session, the VN-Index plummeted 9.09 points to 1,272.64 points, a decrease of 0.71%.

Most sectors were in the red, with only a few, such as telecommunications, consumer services, and industry, managing to stay in the green with narrow gains .

Source: https://www.nguoiduatin.vn/co-phieu-ho-apec-giam-kich-san-du-ban-hang-trieu-don-vi-a665885.html