Shares that skyrocketed in 2021 but went into free fall in 2022

By Phuong Dong   October 18, 2022 | 11:42 pm PT
Nine out of 10 listed stocks voted by VnExpress readers as “shares that helped investors make the most money in 2021” have lost more than the VN-Index this year.

As of Wednesday, the VN-Index has fallen by 29% for the year.

The exception in the 10 is Hoang Anh Gia Lai Joint Stock Company, which has fallen by 26%.

After a sharp rise in the first quarter of the year the markets witnessed a downtrend as the heads some listed companies were prosecuted, auction of lands in Thu Thiem was cancelled and interest rates rose.

Development Investment Construction Joint Stock Company (DIG) surged from VND30,000 ($1.25) to VND110,000 in the last four months of 2021 and topped the list of profitable stocks.

But on Wednesday it closed at VND26,200.

As a result the company halved the price of a rights issue it had planned earlier this year at VND30,000.

Besides DIG, there were five other real estate stocks voted as the most profitable: FLC Faros Construction (ROS), CEO Group, FLC Group, LDG Investment, and Tan Tao Investment and Industry Corporation (ITA). This year all have lost at least 70%.

After former FLC chairman Trinh Van Quyet was arrested, FLC and ROS stocks dived and eventually lost liquidity with the former being suspended and the latter delisted.

Hoa Phat Group Joint Stock Company and SSI Securities Corporation, two large-cap stocks in the top-10 list, also fell into a downward spiral.

They have declined by 45% and 60% and many analysts still have a hold or buy on the two due to their good fundamentals.

Many other stocks with big gains last year have also plummeted: Ntaco Corp skyrocketed by 2,050% from VND200 to VND4,300 with daily volumes of over one million, but has dropped to VND1,500 and 10,000 shares.

Louis Capital Joint Stock Company, a stock related to Louis Holdings’ former chairman, Do Thanh Nhan, made headlines last year when it rose from VND1,170 to VND75,000 due to price manipulation by its management.

After Nhan was arrested it nosedived and now trades at around VND3,500.

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