PNJ shares unexpectedly turned purple on October 9th.
Amidst a sluggish market, PNJ unexpectedly surged by 6.85% after a streak of 13 consecutive declining sessions, driven by strong bargain hunting from both domestic and foreign investors.
Opening the trading session on the morning of October 9th, the market continued to fluctuate amidst a cautious sentiment, while blue-chip stocks continued to put pressure on the index.
After trading around the reference point for over an hour, selling pressure intensified across the board, causing red to dominate the electronic board, pulling the VN-Index further down and below 1,730 points. The number of declining stocks is now nearly three times higher than the number of rising stocks, while most stocks in the VN30 basket are also trading below the reference point.
Amidst a sluggish market, PNJ unexpectedly emerged as a bright spot, ending a streak of 13 consecutive correction sessions. Bottom-buying demand from both domestic and foreign investors helped the stock reverse course and surge to its ceiling price.
Currently, PNJ is up 6.85% to 19,500 VND/share, with over 4.1 million units traded and nearly 5.7 million units remaining at the ceiling price. Notably, foreign investors have also returned to net buying nearly 150,000 PNJ shares.
The banking sector showed divergence, with SHB (+0.5%), HDB (+2.55%), TCB (+0.16%), VPB (+0.21%), MBB (-0.26%), MSB (-1.02%), and BID (-1.18%). Similarly, the real estate sector also saw divergence, with VIC (+0.04%), VHM (-1.37%), VRE (-0.43%), VPI (-2.12%), and NVL (+2.44%).
The stock market was dominated by red, with SSI (-1.67%), VIX (-0.88%), SHS (-1.72%), VND (-1.15%), VCI (-1.08%), TCX (-1.26%), and MBS (-1.36%).
At the close of trading, the VN-Index fell 0.37 points to 1,732.55 points (-0.37%) compared to the previous session; similarly, the UPCoM-Index decreased by 124.3 points (-0.73%), equivalent to 0.91 points, and the HNX-Index decreased by 254.96 points (-0.49%), equivalent to 1.26 points.
Market liquidity reached VND 7,635.13 billion, with 408 million shares traded. Across the sector, 88 stocks rose, 212 fell, and 48 dropped to their reference price.
According to experts at Asean Securities Company, the VN-Index is showing clear signs of weakness, closing at 1,739 points with a spinning top candlestick pattern, confirming that selling pressure is dominant as the index continuously moves below the MA10 and MA20 lines, and momentum indicators RSI and MFI are both declining to cautious zones.
With the closing price deviating from the day's low, the short-term trend is leaning towards a correction scenario, with the risk of retesting nearby support levels present if demand does not improve soon.
In this context, short-term investors should prioritize risk management, reduce their holdings during technical rallies, and avoid using leverage.
At the same time, only consider disbursing funds when there are clear signs of a bottoming out accompanied by positive liquidity, focusing on sectors with supporting narratives such as state divestment, economic development resolutions, and market upgrade roadmaps.
