[Market News 01/02/2024] RUMORS RELATED TO SHB LEAD TO SHARP STOCK DECLINE WITH RECORD HIGH VOLUME

Some important notes:

– Typically, about 1 week of trading before a holiday, the market often experiences 1-2 shock-declining sessions followed by a series of illiquid increases. Currently, we are seeing the first part repeat with a shock-declining session today.

– With the rotation of stock sectors ending, a downward adjustment is also necessary as profit-taking pressure simultaneously appears in hot sectors recently, such as chemicals, rubber, etc.

– SHB is a notable phenomenon today as its stock reached a record high trading volume of over 127 million shares. The most widely rumored information today is that: SHB is linked to Hai Ha Petro (an enterprise whose license was revoked on January 12 due to abuse of the Price Stabilization Fund and tax debt, along with Xuyen Viet Oil. In addition to defaulting on tax debt of over 1,775 billion VND and owing BIDV Bank, Long Bien Hanoi branch, 2,142 billion VND, it is known that Hai Ha Waterway Transport Co., Ltd. (Hai Ha Petro) also owes another bank up to 3,900 billion VND (as of December 2023). Fundamentally, we cannot confirm whether these rumors are true or not, but strong selling pressure with a deep decline always creates a negative signal for the stock. SHB is not a stock we prefer to recommend buying due to concerns about its poor asset quality, and therefore, we also believe that trying to find a bottom for this stock is unnecessary.

– Foreign investors continued net buying, with net purchases concentrated in the securities, banking, and steel sectors.

– We have sent a series of updated business performance reports for enterprises via email.

– Index forecast for February 1, 2024: Statistics show a decline in the index.

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SOURCE: AAS RESEARCH

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