The stock market experienced significant selling pressure, causing the VN-Index to plummet. While Vingroup shares (VIC) of billionaire Pham Nhat Vuong saw a slight increase, Masan shares (MSN) of billionaire Nguyen Dang Quang declined despite the company's denial of reports that SK Group sold shares.

At the opening of the trading session on the morning of June 24, the VN-Index fell sharply, losing 21 points to 1,260 points by nearly 11 a.m. This decline was driven by strong selling, especially among the VN30 pillar stocks. Despite high cash flow and numerous newly opened securities accounts, trading activity had decreased.

A sluggish gold market and low bank interest rates did not help in boosting stock prices.

Most pillar stocks saw a decrease in price, with Masan Group's MSN shares dropping significantly amidst reports of SK Group's planned share sale. Masan quickly refuted these claims, stating that SK had not exercised its put option to sell shares.

Meanwhile, Vingroup (VIC) shares increased slightly by VND 100 to VND 41,750 per share. This was despite similar concerns regarding SK Group's divestment.

Previously, reports indicated that SK Group was looking to sell its holdings in major Vietnamese companies to recover its initial investment of 1,000 billion won (approximately $720 million).

An article from the Korean Maeil Business Newspaper suggested that SK Group exercised its put option to sell 9% of its shares in Masan Group. However, Masan denied this on the morning of June 24, clarifying that both companies were in the final stages of a roadmap for SK to reduce its stake under favorable market conditions.

Masan highlighted that SK had identified professional investors to transfer its shares, aiming to maximize value for both companies' shareholders. In 2018, SK became a Masan shareholder after investing 530 billion won (about 11,000 billion VND) for a 9.5% stake.

The stock market also saw significant selling activity in other major stocks such as SSI Securities (SSI), Hoa Phat Group (HPG), FPT Group (FPT), Mobile World (MWG), Vinamilk (VNM), Sacombank (STB), and VPBank (VPB).

By 11:10, FPT shares dropped by VND 2,200 to VND 133,900 per share, following a previous increase driven by AI expectations. HPG shares also declined after an earlier impressive rise.

The stock market is anticipated to be a promising investment channel in 2024, supported by efforts to boost domestic economic growth through public investment and expanded international relations with leading global economies such as the US, China, Japan, and the EU.

However, recent months have seen cautious cash flow into the stock market. Foreign investors have been net selling thousands of billions of VND worth of Vietnamese stocks weekly.

While the gold market remains quiet, cash flows are increasingly directed towards banks, where savings deposits offer a safer investment option with interest rates around 5-6% per year.

Investors are now more focused on individual company stories rather than overall market trends, closely monitoring domestic and international macroeconomic policies and geopolitical instability.

Manh Ha