Sacombank’s STB Shares Experience Significant Drop Due to Economic Case Rumors, Contributing to VN-Index Decline

Sacombank’s shares were dumped

On April 2, Sacombank’s STB shares experienced a significant drop in value during the morning trading session due to rumors surrounding the bank’s leadership and their alleged involvement in an economic case. The stock plummeted, nearly reaching the floor level at one point, losing almost 5.7% of its value. However, by the end of the morning session, the decline had narrowed to less than 3%, although it still impacted the overall market performance.

The decline in banking stocks, including Sacombank’s STB shares, contributed to the overall market drop in the VN-Index, which lost more than 10 points during the session. The selling off of STB shares was triggered by rumors circulating on social media that Mr. Duong Cong Minh, Chairman of the Board of Directors of Sacombank, was barred from leaving the country due to his alleged involvement in the economic case.

In response to these rumors, Sacombank issued a statement denying any wrongdoing and reassuring customers that its operations were running smoothly. The bank also highlighted Mr. Duong Cong Minh’s professional background and previous roles in various companies before joining Sacombank’s leadership team. Despite these rumors causing market turbulence and causing a drop in stock prices for Sacombank’s STB shares, the bank remained focused on addressing any issues and ensuring customer safety and security.

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