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Tuesday, May 17, 2022

Heavy sell-off sends stocks in FLC family plunging

The Saigon Times

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HCMC – A strong sell-off dragged a series of stocks linked to conglomerate FLC Group down at the start of the trading session today, March 28.

Many stocks in the family, including FLC, ROS, AMD, KLF, ART and HAI, faced a sharp drop due to selling pressure. FLC fell to its floor price at VND13,600, while ROS stood at the floor price at VND8,770, and HAI tumbled to its floor price at VND6,320.

The poor performance of these stocks had a ripple effect on the real estate and construction group. KDH, CEO, DIG, LDG, CII, DRH, VCG, HUT, DPG, KBC, VHM and FCN lost at the start.

The negative performance of these stocks in the FLC family was a result of a rumor that FLC executives would face a probe following a financial penalty imposed by the State Securities Commission last week.

On March 25, the State Securities Commission handed down an administrative fine of some VND500 million on FLC Group for violation of the regulations on information disclosure in the 2018-2021 period.

The group failed to disclose information about transactions with its relevant parties, postponed revealing its 2019 financial report, disclosed incorrect information about its 2020 and 2021 semi-annual financial reports.

As of 9.40 a.m., the VN-Index of the Hochiminh Stock Exchange lost over six points at 1,492, while the HNX-Index of the northern bourse dipped by 1.72 points at 460, the local media reported.

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