HCMC – The QCG shares of Quoc Cuong Gia Lai JSC plummeted on the Ho Chi Minh Stock Exchange today, July 19, after authorities had raided the home of its CEO as part of a major investigation.
QCG dropped by 6.97% against the previous session to the floor price of VND9,070, with a total trading volume exceeding 1.6 million units.
The sell-off of QCG shares occurred following news reports that this morning, investigators from the Ministry of Public Security appeared at the home of Nguyen Thi Nhu Loan, CEO of Quoc Cuong Gia Lai JSC.
Local media said that this move was taken as part of an expanded investigation into violations at the Vietnam Rubber Group, Ba Ria Rubber JSC, Dong Nai Rubber Corporation, the Ministry of Natural Resources and Environment, and other related entities.
Latest updates show that Loan was temporarily detained by the Investigation Police Department for Corruption, Smuggling, and Economic Crimes (C03) of the Ministry of Public Security, on allegations of violating regulations on the management and use of State assets, resulting in loss and waste.
On the southern bourse, the VN-Index of the Hochiminh Stock Exchange lost 9.66 points, or 0.76% day-on-day, at 1,264.78 points, with 126 winners and 324 losers.
Over 791.8 million shares worth VND18.5 trillion were traded on the bourse, up by 7.14% in volume yet down by 3% in value against yesterday’s session. Block deal transactions contributed VND1.3 trillion to the overall value.
The VN30 basket underperformed, with 21 stocks falling and only nine rising. By the end of the session, its index had dropped by four points. Lenders TPB and MBB were the strongest performers, each increasing by over 2%.
GVR ended the session with a decline of 4.3%, pulling down the overall index by nearly 1.5 points.
SSI and VND were the most actively traded stocks on the bourse, with the trading volumes reaching 17.26 million units and nearly 14 million units, respectively.
On the northern bourse, the HNX-Index declined by 1.97 points, or 0.81% day-on-day, at 240.52 points, with 46 advancers and 117 decliners. The total volume reached 63.42 million shares, valued at VND1.19 trillion.
