PNJ shares plummet after news that P-Lab's leader has been indicted.
The VN-Index continued to fluctuate with low liquidity as the market lacked momentum for a breakthrough. PNJ shares became the focus of attention after falling to the floor price following news that P-Lab's leaders were indicted in a diamond smuggling case.
Opening the trading session on the morning of July 3rd, the market continued to trade in a subdued state with the VN-Index experiencing slight fluctuations. Red dominated the electronic board, while liquidity remained low.
Overall, the sectors did not experience significant fluctuations, with most stocks trading within a narrow range.
Most notably, PNJ became the target of a sell-off, falling to its lower limit of 58,700 VND. After more than an hour of trading, only nearly 0.9 million units of this stock had been traded, and there were still over 10.7 million units offered at the floor price.
Strong selling pressure at PNJ emerged after news that Mr. Dang Ngoc Thao, former Director of PNJ Appraisal Company Limited - a subsidiary of PNJ, is under investigation for diamond smuggling.
The banking sector was dominated by red, with TCB (-1.33%), SHB (-0.36%), MBB (-0.38%), CTG (-0.58%), VPB (-0.18%), and BID (-0.82%).
Meanwhile, divergence occurred in the financial services group with SSI (-0.18%), VND (-0.28%), VCI (-0.2%), HCM (-1.38%), SHS (+0.53%) and MBS (+2.44%). Similarly, the real estate group saw VHM (+0.8%), VIC falling to the reference price, VRE (+0.18%), DXG (-1.62%), VPI (-0.49%) and NVL (-0.8%).
At the close of this morning's trading session, the VN-Index fell 7.26 points to 1,859.09 points (-0.39%) compared to the previous session. Similarly, the UPCoM-Index decreased by 128.07 points (-0.46%), equivalent to 0.59 points. Meanwhile, the HNX-Index increased by 308.84 points (+0.69%), equivalent to 2.11 points.
Market liquidity reached VND 6,694.58 billion, with 251,000 shares traded. Across the sector, 68 stocks rose, 222 fell, and 53 dropped to their reference price.
According to experts at Kien Thiet Vietnam Securities Company, yesterday the VN-Index closed slightly lower with lower liquidity compared to the previous day's increase. The trading volume was 12% lower than the 20-day average, and the decline was not significant, so it did not have a major impact that could change the previous trend.
The allocation of cash flow has reversed compared to the previous three sessions, with cash flowing into declining stocks significantly outnumbering that of rising stocks.
However, low liquidity and a relatively small decline in the overall market mean that the previous recovery signals have not yet been broken.
Investors should maintain a holding strategy and continue to take advantage of market fluctuations to open additional buying positions in stocks that yielded profits in previous exploratory purchases.
According to experts at AIS Securities Company, the VN-Index is experiencing a period of consolidation and fluctuation within a narrow range after two consecutive recovery sessions.
The main support came from a few stocks in the securities and industrial sectors. Conversely, downward pressure was present in the energy, real estate, and banking sectors.
The continued low liquidity, remaining below the average of the last 20 trading sessions, is a signal that warrants particular attention and close observation in the coming period.
If the 1,860-point level (50-day moving average) holds firm, the VN-Index could continue its recovery towards the 1,900-point mark.
Investors should prioritize a holding strategy for stocks in the securities and banking sectors that are attracting short-term capital inflows.
