Investigate ‘trash stocks’ manipulation, investors request finance ministry
Dat Nguyen, 16 June 2021
An investors’ association has requested the finance ministry to investigate suspicions that “trash stocks” on the HoSE are being manipulated to several hundred times their actual value. Some of the “trash stocks” are even listed in the VN30 basket which comprises the 30 largest capped stocks on the Ho Chi Minh Stock Exchange (HoSE), the Vietnam Association of Financial Investors (VAFI) said in a statement.
For instance, investors have been asking questions about the surging price of RIC shares of the Royal International Corporation, operator of the largest casino in the northern province of Quang Ninh.
From mid-January until early March, RIC surged 690 percent, while the benchmark VN-Index fell 0.8 percent. It then plunged 61 percent to its current price of VND17,800 ($0.78).
