STB shares of Sacombank on September 22 saw a sharp price increase of 7 percent to VND12,550 per share with the strong liquidity of 46 million units.

The sharp increase helped the capitalization value of the bank increase by VND1.3 trillion to VND22.6 trillion, or nearly $1 billion. Sacombank’s president Duong Cong Minh and investors have seen big benefits from the strong rise.

The STB price increased amid the rumor that Thaco, the automobile manufacturing corporation of billionaire Tran Ba Duong, bought 180 million STB shares, or 10 percent of shares of the bank, from Kien Long Bank (KLB).

However, a representative of Thaco affirmed that Thaco has no plan to invest in Sacombank at this moment.

Many institutions and banks are holding STB shares and some of them have sold STB to collect debt. In June 2020, Eximbank was allowed by SBV to sell 75 million STB. Meanwhile, Kien Long Bank has not succeeded in selling STB after recent attempts.

Sacombank has been undergoing restructuring recently after Minh took the post of the chair of the bank. In H1, Sacombank reported pre-tax profit of VND1.4 trillion, nearly the same as the same period last year.

There have been rumours about businesses’ moves in the stock market recently which have affected investors’ decisions.

Hoa Phat Group has denied a rumor spread on Google’s advertising system which said the president of the group Tran Dinh Long had invested in bitcoin.

In late May and early June, investors speculated that the Ministry of Industry and Trade (MOIT) would buy back Sabeco from the Thai billionaire in the context of the sharp Sabeco share price fall.

Rumor had it that Thaibel wanted to transfer Sabeco shares, but foreign brewers including Budweiser APAC and Saporo did not show interest, while MOIT would buy Sabeco shares at VND130,000 per share, much lower than the VND320,000 per share at which Thaibev bought some years ago.

Hoa Binh Construction is one of the enterprises with many rumors, including the rumor about relations with KhaiSilk, Vu Nhom and FLC, and most recently, the rumor about the sale of HBC shares by president and CEO Le Viet Hai for mortgage lien release.

Prior to that, rumors about The Gioi Di Dong, the mobile phone distribution chain of Nguyen Duc Tai, and BIDV’s Tran Bac Ha had a big impact on share prices and the VN Index. Billions of dollars evaporated just because of rumors. 

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