Shares tumbled on Wednesday on both national stock exchanges, driven by massive selling in the afternoon session following the arrest of FLC chairman Trinh Van Quyet for stock manipulation on Tuesday.

The stock market authorities are working with investors to ensure discipline and transparency in the operation of Vietnam’s stock market.

The two benchmark indices ended lower Wednesday morning on strong sell-offs in the early session.

Shares ended higher on Tuesday after facing strong correction in the previous session, with both benchmark indices almost recovering fully from the losses.

Trinh Van Quyet, chairman of real estate developer FLC and one of the wealthiest people on Vietnam’s stock market, has been arrested pending the investigation into alleged stock market manipulation, the Ministry of Public Security said on Tuesday.

The market opened the week on a negative note, with both benchmark indices losing more than 1 per cent, as selling pressure weighed on investors' sentiment from the beginning of the session.

Shares fell on Monday morning, as selling-forces weighed on market sentiment.

Securities companies have forecast that the stock market may continue to struggle this week and investors should adopt risk management measures.