Most notably, API of Asia- Pacific Investment Corporation has dropped to the floor price of 10,200 VND/share with 2.4 million units remaining for sale. Previously, this code had increased rapidly from 4,700 VND/share to 11,300 VND/share in just 1 month with many consecutive ceiling price sessions.
Also in the Apec ecosystem, APS shares of Asia- Pacific Securities JSC and IDJ shares of IDJ Vietnam Investment JSC also had a gloomy trading session on May 29 after a series of positive increases.
At the end of the session on May 29, APS fell to the floor price of 9.09% to VND8,000/share with 1.8 million units remaining for sale. Previously, this code had increased by 62.96% from VND5,300/share to VND8,800/share in the past month.
Similarly, IDJ decreased by 8.75% to VND7,300/share and had over 2.24 million units for sale. In just one month before, IDJ increased by 73.91% from VND4,600/share to VND8,000/share in the trading session on May 28.
Recent API price movements (Source: TradingView).
It is worth mentioning that recently, these three stocks have continuously had no sellers and ceiling price buy orders of up to millions of units before hitting the floor and having millions of units of sellers.
In the past, these three stocks have "made waves" in the market with a series of skyrocketing increases in 2021.
With APS, from a stock with an initial "ice tea" price of around VND 5,000/share, it has accelerated sharply to a historic peak of VND 59,900/share on November 18, 2021, an increase of 14 times in less than 1 year.
Along with the increase of APS, API shares of Asia-Pacific Investment Company increased 7 times and IDJ shares of IDJ Vietnam Investment Joint Stock Company also increased 5 times compared to the beginning of the year.
APS market price development.
According to Mr. Nguyen The Minh - Director of Analysis of Yuanta Vietnam Securities Company, the reason for the shocking increase in stock prices comes from two issues. The first is the story related to that stock. At Apec, the stock price had previously dropped sharply due to the scandal of the business leader, but when Mr. Lang returned, the stock price increased because the problem had been eliminated.
The second is FOMO syndrome. When the stock hit the ceiling for the third session, it attracted the attention of investors, causing many people to have FOMO mentality to buy without caring about the business results.
Mr. Minh assessed that the three codes in the Apec family have the "form" of highly speculative stocks. However, in the coming time, it is highly likely that these stocks will move in line with the general market. Accordingly, after a period of good market growth and heading towards the old peak of 1,300 points, the pressure to adjust is likely to increase.
Indeed, the decline of Apec stocks coincided with the market reversal in the trading session on May 29 due to increased selling pressure. In the afternoon session, VN-Index plummeted 9.09 points to 1,272.64 points, equivalent to a decrease of 0.71%.
Most industry groups were in red, only a few industries such as telecommunications, consumer services, and industry remained green with a narrow increase .
Source: https://www.nguoiduatin.vn/co-phieu-ho-apec-giam-kich-san-du-ban-hang-trieu-don-vi-a665885.html
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