PNJ shares hit the lower limit for the third consecutive session.
Widespread selling pressure across blue-chip stocks prevented the VN-Index from recovering after yesterday's sharp decline. Additionally, PNJ shares remained the focus of selling pressure, hitting the floor price early in the session.
Opening the trading session on the morning of July 7th, the market continued to face downward pressure. Selling pressure was no longer as intense, causing the VN-Index to fluctuate slightly around the reference point, retreating close to 1,830 points as large-cap stocks weakened across the board. Notably, VIC and VHM both fell nearly 2%, becoming the stocks with the most significant impact on the index's performance.
In the remaining stock groups, capital flows remained quite cautious. The trading screen lacked significant highlights to attract buying interest, while overall market liquidity showed little improvement compared to the beginning of the session.
PNJ, in particular, remains the focus of negative sentiment as selling pressure shows no signs of easing. The stock continues to hit its floor price, falling 7% to 50,800 VND per share, with approximately 730,000 units traded and nearly 12 million shares remaining unsold at the floor price.
The banking sector saw mixed results with HDB (+0.92%), ACB (+0.23%), MBB (+0.2%), SHB (-1.12%), and BID (-0.12%). Similarly, the financial services sector experienced mixed performance with SSI (-0.93%), BVS (+4%), CTS (+0.92%), and VCK (-1.19%).
Meanwhile, red dominated the real estate sector with VHM (-2.4%), VIC (-2.22%), HDG (-1.08%), DIG (-0.84%), and PDR (-2.1%). Similarly, the oil and gas sector saw declines of BSR (-0.43%), PVS (-2.2%), PLX (-1.28%), and OIL (-1.56%).
At the close of this morning's trading session, the VN-Index fell 15.71 points to 1,827.82 points (-0.85%) compared to the previous session. Similarly, the UPCoM-Index decreased by 127.22 points (-0.43%), equivalent to 0.55 points, and the HNX-Index decreased by 291.77 points (-1.6%), equivalent to 4.74 points.
Market liquidity reached VND 5,668.73 billion, with 219,000 shares traded. Across the sector, 80 stocks increased, 215 decreased, and 51 fell to their reference price.
According to experts at AIS Securities Company, the market ended its sideways trading session with a sharp decline, with correction pressure present in most typical sectors including oil and gas, securities, and chemicals.
Market liquidity has surged, exceeding the average of the last 20 trading sessions, indicating increasing selling pressure. A new short-term correction or decline may be forming, with strong support around the 1,800-point level. Investors should review their portfolios to remove weak stocks and bring their short-term investment portfolios to a safe level.
According to experts at Asean Securities Company, the baseline scenario involves fluctuations within a narrow range of 1,840 - 1,850 points before establishing a clearer trend.
Short-term investors should maintain an average portfolio allocation, avoid chasing rallies, and focus on trading within the 1,840 - 1,870 point range. They should also prioritize stock groups with unique stories, such as state divestment, market upgrades, economic development resolutions, or the offshore oil and gas cycle.
Simultaneously, medium- and long-term investors can take advantage of corrections to support levels to gradually disburse funds into sectors with strong fundamentals and high liquidity such as Banking, Securities, Retail, Public Investment, and Oil and Gas.
