--- title: "Checking a market rumour: Four-step verification framework" description: A four-step framework for verifying equity market rumours, examined through the historic 105 million STB share session on HOSE on 02/04/2024. url: https://ginity.vn/en/blog/checking-stock-market-rumours canonical: https://ginity.vn/en/blog/checking-stock-market-rumours markdown: https://ginity.vn/en/blog/checking-stock-market-rumours.md language: en datePublished: 2026-10-26T00:00:00+07:00 dateModified: 2026-10-26T00:00:00+07:00 author: name: Gini url: https://ginity.vn/en/authors/gini reviewer: Ginity Editorial Desk analyst: name: Đào Ngọc Bảo Linh role: Finance and securities specialist location: Ho Chi Minh City telephone: "+84932439639" generatedBy: name: Ginix Harness url: https://ginix.vn desk: id: learn name: Learn investing url: https://ginity.vn/en/learn tickers: - STB sources: - name: Government News Portal of Vietnam url: https://baochinhphu.vn/bo-cong-an-bac-bo-thong-tin-sai-su-that-lien-quan-den-chu-tich-ngan-hang-sacombank-10224040218151166.htm title: Ministry of Public Security refutes false reports regarding Sacombank Chairman - name: National Legal Database url: https://vbpl.vn/en/van-ban/chi-tiet/thong-tu-so-96-2020-tt-btc-huong-dan-cong-bo-thong-tin-tren-thi-truong-chung-khoan--146048 title: Circular 96/2020/TT-BTC guiding information disclosure on the securities market - name: National Legal Database url: https://vbpl.vn/van-ban/chi-tiet/nghi-dinh-so-156-2020-nd-cp-quy-dinh-xu-phat-vi-pham-hanh-chinh-trong-linh-vuc-chung-khoan-va-thi-truong-chung-khoan--146468 title: Decree 156/2020/ND-CP on administrative penalties in securities and securities market - name: Ho Chi Minh City Stock Exchange (HOSE) url: https://www.hsx.vn/en/tin-tuc/cong-bo-thong-tin title: Market trading data and listed company disclosures HOSE - name: State Securities Commission (SSC) url: https://congbothongtin.ssc.gov.vn title: Public company information disclosure system SSC - name: Vietstock url: https://vietstock.vn/2024/04/hon-105-trieu-cp-stb-doi-chu-phien-0204-830-1172983.htm title: Over 105 million STB shares traded in 02/04 session publisher: Ginity attribution: 'Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content.' disclaimer: "Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources." usageTerms: https://ginity.vn/ai.txt --- # Checking a market rumour: Four-step verification framework > A four-step framework for verifying equity market rumours, examined through the historic 105 million STB share session on HOSE on 02/04/2024. Gini · Learn investing · 2026-10-26 · https://ginity.vn/en/blog/checking-stock-market-rumours _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - The trading session on 02/04/2024 logged 105,021,300 STB shares matched on HOSE with trading value of nearly 3,165 billion VND triggered by rumors. - STB share price closed on 02/04/2024 at 30,200 VND per share, down 3.82% against the reference price after recovering from a 6% morning drop. - Circular 96/2020/TT-BTC dated 16/11/2020 establishes a 24-hour mandatory deadline for listed issuers to clarify rumors impacting share prices. - Clause 5, Article 42 of Decree 156/2020/ND-CP specifies administrative fines of 100 million to 200 million VND for organizations fabricating false market statements. ## 1. Identifying market rumours and their impact on the order book Market rumours are unverified claims transmitted across private chat channels, social networks, online message boards, and informal word-of-mouth. The subject matter typically centers on regulatory investigations, executive travel bans, contract cancellations, or confidential corporate acquisitions. Before official statements emerge, rumours create information asymmetry that triggers chain-reaction selling. Building upon the previous guide on [primary and secondary sources](/en/blog/primary-secondary-sources-stock-market), readers should develop technical methods for interpreting market shocks within the [information verification](/en/learn/information-literacy) program. Technically, unverified claims distort the [order book](/en/glossary/order-book). Market sell orders (MP, ATO, or ATC) flood matching systems with excessive volume, clearing out pending buy layers and distorting market [liquidity](/en/glossary/liquidity) over short intervals. Parties circulating rumours often pursue private gain, sparking panic to accumulate shares at lower valuations or manufacturing speculative demand to offload positions. Identifying rumour dynamics and cross-referencing statutory filings protects investors against crowd psychology. ## 2. A four-step verification framework: The 105 million STB share turnover on 02/04/2024 The practical fallout of unverified claims appeared vividly during the trading session on 02/04/2024 involving shares of Saigon Thuong Tin Commercial Joint Stock Bank (ticker STB / Sacombank). Late on 01/04/2024 and in the early morning of 02/04/2024, an anonymous social media post alleged that the Chairman of Sacombank, Mr. Duong Cong Minh, faced an overseas travel restriction. To evaluate this information shock, an objective verification framework applies 4 technical steps: Step 1: Identify the source and incentive structure. The claim originated from an anonymous personal account on social media lacking official litigation records or regulatory documentation. Sensational posts typically seek algorithmic engagement or intentional market manipulation. Step 2: Cross-check the [order book](/en/glossary/order-book) and market execution data. According to official trade records published by HOSE on 02/04/2024, the rumour sparked extreme volatility from the morning bell. During the morning session of 02/04/2024 alone, volume reached 84 million STB shares and the price temporarily slid nearly 6% to an intraday low of 29,600 VND per share. By the closing bell on 02/04/2024, total matched volume hit 105,021,300 shares (over 105 million shares), representing approximately 5.6% of total circulating shares of Sacombank, with total trading value reaching nearly 3,165 billion VND. The closing price of STB shares on 02/04/2024 settled at 30,200 VND per share, down 3.82% against the reference price of 31,400 VND per share. See the full text at [Ho Chi Minh Stock Exchange](https://www.hsx.vn/en/tin-tuc/cong-bo-thong-tin). The detailed trading metrics for STB on this event date appear in the table below: | Trading Metric | Morning Session 02/04/2024 | Full Session 02/04/2024 | | --- | --- | --- | | Matched Volume (Shares) | 84,000,000 | 105,021,300 | | Matched Turnover (Billion VND) | 2,520 | 3,165 | | Peak Price Deviation vs Reference | Down 5.73% (touching 29,600 VND/share) | Down 3.82% (closing at 30,200 VND/share) | | Turnover Share of Circulating Equity | 4.4% | 5.6% | Source: Trading data published on 02/04/2024 by the Ho Chi Minh City Stock Exchange (HOSE). Step 3: Review official corporate responses. During the morning of 02/04/2024, Sacombank published an official refutation letter stating that banking operations continued normally and that no travel bans existed regarding corporate leadership. Step 4: Verify statements from competent regulatory authorities. According to a dispatch published on the Government News Portal (baochinhphu.vn) at 18:14 on 02/04/2024, Ministry of Public Security spokesperson Lieutenant General To An Xo confirmed that Mr. Duong Cong Minh was not on any immigration watchlist or travel restriction registry, officially dismissing fabricated claims intended to destabilize the banking sector. See the full text at [Government News Portal of Vietnam](https://baochinhphu.vn/bo-cong-an-bac-bo-thong-tin-sai-su-that-lien-quan-den-chu-tich-ngan-hang-sacombank-10224040218151166.htm). Completing these 4 verification steps confirmed that the sell-off lacked substantive legal foundations. ## 3. Three common pitfalls when reacting to unverified rumours Observing retail participant reactions during market rumors highlights 3 recurring errors: First, placing panic sell orders during call auctions. When rumours surface before opening auctions, investors frequently place oversized ATO or market orders. Dumping volume into an unbalanced market pushes prices toward statutory floor limits. When official clarifications emerge hours later, sellers suffer permanent capital losses by liquidating at session lows. Second, trusting document screenshots without authentication. Fabricated dispatches frequently circulate with cropped margins and forged seals. According to state archiving regulations, genuine dispatches carry verifiable intake numbers, issuance timestamps, and downloadable entries on official state registries. Third, attempting to trade price reactions ahead of fact verification. Upon receiving unverified messages, participants often trade intraday swings hoping to outpace the market. This method involves elevated risks because false information can be debunked at any moment, reversing trading positions immediately. ## 4. Official verification channels under Circular 96/2020/TT-BTC Vietnamese securities law establishes strict legal safeguards requiring timely transparency whenever unverified claims emerge: Under Articles 12 and 13 of Circular 96/2020/TT-BTC dated 16/11/2020 issued by the Ministry of Finance, public issuers must make extraordinary disclosures within 24 hours of learning of rumours that materially affect securities prices or upon formal request from the State Securities Commission and stock exchanges. Issuers must explicitly state the factual validity of the event and evaluate its operational impact. See the full text at [Ministry of Finance](https://vbpl.vn/en/van-ban/chi-tiet/thong-tu-so-96-2020-tt-btc-huong-dan-cong-bo-thong-tin-tren-thi-truong-chung-khoan--146048). Regarding statutory penalties, according to Clause 5, Article 42 of Decree 156/2020/ND-CP (amended by Decree 128/2021/ND-CP), creating false information or disclosing fraudulent market statements in securities activities is subject to administrative fines ranging from 100 million to 200 million VND for organizations (50 million to 100 million VND for individuals). If the dissemination of false information constitutes deliberate disclosure of false information or concealment of information in securities activities under Article 209, or market manipulation under Article 211 of the 2015 Penal Code, the violator faces criminal prosecution. See the full text at [National Legal Database](https://vbpl.vn/van-ban/chi-tiet/nghi-dinh-so-156-2020-nd-cp-quy-dinh-xu-phat-vi-pham-hanh-chinh-trong-linh-vuc-chung-khoan-va-thi-truong-chung-khoan--146468). To verify market rumours safely, observers should monitor 3 primary channels: the disclosure sections of HOSE (hsx.vn) and HNX (hnx.vn), the warning and sanction directories of the State Securities Commission (congbothongtin.ssc.gov.vn), and official enforcement reports published on the Government News Portal (baochinhphu.vn). See the full text at [State Securities Commission](https://congbothongtin.ssc.gov.vn). Readers can personally verify these market rumor events through the following official sources: - Government News Portal: Open `https://baochinhphu.vn/bo-cong-an-bac-bo-thong-tin-sai-su-that-lien-quan-den-chu-tich-ngan-hang-sacombank-10224040218151166.htm` to read the official Ministry of Public Security statement refuting the Sacombank travel restriction rumor published at 18:14 on 02/04/2024. - HOSE Disclosure Gateway: Navigate to `https://www.hsx.vn/en/tin-tuc/cong-bo-thong-tin`, query ticker STB on date 02/04/2024, and download the issuer press release and extraordinary disclosure document sent to the exchange. - SSC Corporate Registry: Visit `https://congbothongtin.ssc.gov.vn`, input ticker STB, and inspect extraordinary 24-hour disclosures and regulatory market alerts regarding unusual stock turnover. ## Sources - Government News Portal of Vietnam: [Ministry of Public Security refutes false reports regarding Sacombank Chairman](https://baochinhphu.vn/bo-cong-an-bac-bo-thong-tin-sai-su-that-lien-quan-den-chu-tich-ngan-hang-sacombank-10224040218151166.htm) (02/04/2024) - Ministry of Finance: [Circular 96/2020/TT-BTC guiding information disclosure on the securities market](https://vbpl.vn/en/van-ban/chi-tiet/thong-tu-so-96-2020-tt-btc-huong-dan-cong-bo-thong-tin-tren-thi-truong-chung-khoan--146048) (16/11/2020) - Government of Vietnam: [Decree 156/2020/ND-CP on administrative penalties in securities and securities market](https://vbpl.vn/van-ban/chi-tiet/nghi-dinh-so-156-2020-nd-cp-quy-dinh-xu-phat-vi-pham-hanh-chinh-trong-linh-vuc-chung-khoan-va-thi-truong-chung-khoan--146468) (31/12/2020) - Ho Chi Minh City Stock Exchange: [Market trading data and listed company disclosures HOSE](https://www.hsx.vn/en/tin-tuc/cong-bo-thong-tin) (26/10/2026) - State Securities Commission: [Public company information disclosure system SSC](https://congbothongtin.ssc.gov.vn) (26/10/2026) - Vietstock: [Over 105 million STB shares traded in 02/04 session](https://vietstock.vn/2024/04/hon-105-trieu-cp-stb-doi-chu-phien-0204-830-1172983.htm) (02/04/2024) --- _Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content._ _Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources._