PNJ shares unexpectedly receive a bailout.
The market continued to face downward pressure as red dominated the trading screen. In this context, PNJ unexpectedly became the center of attention after recovering following four consecutive sessions of heavy selling pressure.
Opening the trading session on the morning of October 2nd, selling pressure persisted across the board from early on. The market lacked necessary support pillars, causing the VN-Index to quickly weaken and retreat to test the support levels of 1,730-1,740 points.
The market's focus continued to be on PNJ shares, which opened at the floor price of 23,050 VND/share with over 30 million shares offered for sale; however, strong buying pressure quickly emerged, leading to a sharp recovery.
After about an hour of trading, liquidity surged as more than 47 million shares were traded, with active buying accounting for over 38 million shares. This pushed the share price up to 25,150 VND/share, surpassing the reference price of 24,750 VND.
Notably, the majority of bargain-hunting demand came from domestic investors. Conversely, foreign investors continued to heavily sell over 38 million PNJ shares, equivalent to 950 billion VND.
In the banking sector, TCB (-1.82%), VPB (-1.5%), HDB (-0.89%), STB (-3.27%), MBB (-0.77%), and SHB (-0.88%) saw declines. In the financial services sector, SSI (-0.25%), VIX (-0.41%), VND (-1.46%), VCI (-1.28%), TCX (-1.4%), and VPX (-6.09%) experienced declines.
Real estate group: VHM (-0.88%), NCL (-1.92%), VRE (-1.24%), VC3 (-0.43%) and DIG (-1.78%).
At the close of trading, the VN-Index fell 9.8 points to 1,739.5 points (-0.56%) compared to the previous session. Similarly, the HNX-Index decreased by 265.16 points (-1.3%), equivalent to 3.5 points, and the UPCoM-Index decreased by 126.43 points (-0.07%), equivalent to 0.09 points.
Market liquidity reached VND 7,549 billion, with 323 million shares traded. Across the sector, 99 stocks rose, 184 fell, and 49 dropped to their reference price.
According to experts at AIS Securities Company, yesterday, the VN-Index continued to record a sharp decline, indicating increasing selling pressure.
The downward momentum remains, and the index may continue to retreat to test the support zone around 1,720 points, or even further to the 1,700-point level to attract buying interest.
Investors should proactively manage risk, reduce their holdings in sectors under strong selling pressure, and only consider investing when the index confirms a point of equilibrium.
According to experts at SHS Securities Company, currently, apart from the energy, oil and gas, and insurance sectors which are still maintaining an upward trend, the remaining sectors are still undergoing a prolonged period of adjustment and accumulation in the short and medium term, with few outstanding investment opportunities.
However, the market still has quality, high-growth businesses with historically low P/E and P/B ratios, ranging from 4-8 times, which are reasonable levels to consider for investment. Investors can evaluate and consider investment opportunities based on the growth prospects of the businesses and the economy.
Previously, PNJ experienced four consecutive sessions of limit-down drops due to strong selling pressure. Since reaching its peak of 84,650 VND/share at the end of January 2026, PNJ's market value has lost nearly 71%, equivalent to a decrease of 59,900 VND/share.
Based on adjusted prices and the number of outstanding shares, PNJ's market capitalization is currently about 30,000 billion VND lower than when the stock peaked.
