Opening the trading session on the morning of June 24th, the stock market faced strong selling pressure. The VN-Index fell sharply, losing 21 points by nearly 11 am, dropping to 1,260 points.
The sharp selling of stocks, especially the VN30 group of 30 blue-chip stocks, occurred after the market experienced a week of sideways trading. Market liquidity remained quite high, with a large number of new securities accounts opened. However, trading volume declined.
The sluggishness of gold prices and low bank interest rates have not contributed to a rise in stock prices.
Most blue-chip stocks declined, with MSN shares of Masan Group, owned by billionaire Nguyen Dang Quang, falling quite sharply after the company issued a statement on June 24th denying inaccurate information that SK Group was exercising its option to sell shares in the company.
Meanwhile, shares of Vingroup (VIC), owned by billionaire Pham Nhat Vuong, rose slightly by 100 dong to 41,750 dong per share, despite investors also reacting to news related to South Korea's SK Group divesting its stake.
Previously, the Maeil Business Newspaper reported that SK Group was planning to sell its stakes in Vietnamese giants to recover its initial investment of 1 trillion won (approximately $720 million at current exchange rates). SK Group is in the process of restructuring its business operations and will therefore reassess its investments to ensure cash flow.
An article from South Korea's Maeil Business Newspaper claims that SK Group (SK) "exercised its put option to sell its 9% stake in Masan Group."
On the morning of June 24th, Masan denied this information. Mr. Quang's company stated that SK had not yet exercised its put option. Accordingly, both companies are currently in the final stages of a specific roadmap, subject to favorable market conditions, for SK Group to reduce its ownership stake in Masan Group.
According to the announcement, SK has identified professional investors of international scale and expertise in Masan's business operations to transfer its stake in Masan. This roadmap is designed to protect and maximize value for shareholders of both companies.
In 2018, SK became a shareholder of Masan Group after spending 530 billion won (approximately 11 trillion VND) to acquire 9.5% of Masan Group's capital.
The stock market also saw heavy selling activity in many other stocks such as: SSI Securities (SSI) owned by Mr. Nguyen Duy Hung, Hoa Phat Group (HPG) owned by billionaire Tran Dinh Long, FPT Group (FPT) owned by Mr. Truong Gia Binh, Mobile World Group (MWG) owned by Mr. Nguyen Duc Tai, Vinamilk (VNM), Sacombank (STB), VPBank (VPB)...
By 11:10 AM,FPT shares, owned by Mr. Truong Gia Binh, had fallen by 2,200 VND to 133,900 VND per share. Previously, the stock had surged due to expectations of the artificial intelligence (AI) wave. HPG also declined after an impressive rally.
The stock market is expected to be a good investment channel in 2024, driven by prospects stemming from efforts to boost domestic economic growth (with policies promoting public investment, etc.) and expanding international relations with leading countries such as the US, China, Japan, and the EU.
However, capital inflows into this channel have been very cautious in recent months. Foreign investors have also been aggressively selling off trillions of dong worth of Vietnamese stocks each week.
While the gold market is sluggish, money tends to flow into banks. Savings accounts are considered a fairly good option. Deposit interest rates have been continuously adjusted upwards by banks recently, although they are still low compared to a few years ago. Most banks offer around 5% per year for 12-month terms and 5.5-6% per year for 24-month terms.
Currently, investors are more interested in the stories of individual companies rather than the overall market trends. Most are still closely monitoring domestic and international macroeconomic policies, such as the direction of the US Federal Reserve, and observing geopolitical uncertainties around the world.
Source: https://vietnamnet.vn/vu-sk-group-ban-co-phan-vingroup-msn-dien-bien-trai-chieu-vn-index-lao-doc-2294568.html
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