Tycoon Ho Xuan Nang suddenly lost more than 700 billion VND in 1 day

While the market was still moving positively, Vicostone's VCS stock suddenly dropped sharply by 5.9% and "swept away" more than 700 billion VND worth of securities assets of tycoon Ho Xuan Nang.

Tycoon Ho Xuan Nang is among the richest people on the Vietnamese stock market.

The stock market session on October 4 ended with positive developments on both exchanges. VN-Index increased by 3.22 points, equivalent to 0.32%, thanks to 173 stocks increasing in price, overwhelming 107 stocks decreasing. Meanwhile, HNX-Index also achieved a good increase of 0.98 points, equivalent to 0.85%, to 116.27 points. Hanoi Stock Exchange had 85 stocks increasing compared to 76 stocks decreasing in price.

Liquidity remained quite high on the HSX with a trading volume of nearly 197 million shares, equivalent to VND4,725.6 billion flowing into the market. The HNX had more than 42 million shares transferred, with a trading value of VND729.5 billion.

The market this session received significant support from banking and oil stocks. Specifically, TCB, MBB, CTG, VPB increased in price, leading the market. Meanwhile, oil stocks also achieved good growth. GAS increased by 1,300 VND, PLX increased by 800 VND, BSR , PVS, PVD, PVB, PVC, PCT, PVE... all ended the session at "green" prices.

According to BVSC, oil and gas stocks increased by 1.36% today amid rising oil prices despite information that US crude oil reserves increased the most in a year and information that Russia and Saudi Arabia increased production.

According to the announcement of the Energy Information Administration (EIA), US crude oil reserves increased by 8 million barrels last week, 4 times higher than analysts' predictions and the highest since March 2017.

Oil prices fell in early October 3rd session when Saudi Arabian Energy Minister Khalid al-Falih said the country had increased production to 10.7 million barrels per day in October and would continue to increase in November.

However, oil prices later rebounded. At the close of the session on October 3, Brent and WTI oil prices increased by 0.14% and 3.7% to 86.03 USD/barrel and 76.20 USD/barrel, respectively, the highest levels since late 2014, as investors believed that the US's upcoming sanctions on Iran would push oil prices up in the long term.

Returning to the stock market, VIC's reversal after a recent increase prevented the index from accelerating in the afternoon session of October 4. VIC's decrease of 1,600 VND took away 1.59 points from the VN-Index. In addition, HDB, VJC, DHG, BVH, BHN... were also stocks that had a negative impact on the index today.

Vicostone's VCS suddenly dropped sharply by VND5,800, equivalent to 5.9%, to VND93,000, thereby causing the value of Mr. Ho Xuan Nang's assets on the stock exchange to drop by VND701 billion after just 1 day.

However, with the current market price, VCS still achieved a slight increase of 2.76% within 1 month and increased in price by more than 10% in the past 3 months. The assets of the tycoon with the curious nickname "Nang Do Thai" are currently at 11,242 billion VND, ranking 7th in the list of richest people in the Vietnamese stock market.

In fact, after purchasing 1.65 million VCS shares at the end of July, Mr. Ho Xuan Nang's direct ownership at Vicostone only reached 5.68 million shares, equivalent to 3.55% of capital, but Mr. Nang also indirectly owned 115.2 million VCS shares through 90% of shares at A&A Green Phoenix Group Joint Stock Company.

Source: https://dantri.com.vn/kinh-doanh/dai-gia-ho-xuan-nang-bat-ngo-mat-hon-700-ty-dong-trong-1-ngay-20181004190628205.htm