PNJ shares hit a new low, causing the VN-Index to lose nearly 40 points.

Opening the trading session on the morning of July 22nd, the market experienced a slight rebound but it did not last long. Selling pressure quickly increased across the board, causing the VN-Index to reverse sharply and fall close to the 1,700-point mark. Red spread across the electronic board as hundreds of stocks simultaneously lost value, with PNJ continuing to be the focus of attention.

PNJ shares continue to face significant selling pressure following a series of unfavorable news. Previously, the stock had been continuously falling sharply since the beginning of July after Mr. Dang Ngoc Thao - former Director of P-Lab, a subsidiary of PNJ, was prosecuted in connection with a diamond smuggling case.

Despite a brief recovery fueled by bargain hunting, the upward momentum was quickly halted as many securities firms simultaneously lowered margin lending rates, while the diamond market continued to experience negative news.

Selling pressure intensified after SSI announced a margin call for PNJ, along with information related to adjustments in its diamond buyback policy. Consequently, the stock fell to its lower limit of 35,500 VND per share, with over 7.2 million units traded and nearly 16 million shares remaining unsold at the floor price.

The main pressure on the index continued to come from the Vingroup group, with VHM falling more than 4%, VIC losing over 3%, VPL down 2.5%, and VRE retreating more than 2%. In addition, MWG and many bank stocks also weakened simultaneously, causing the market to remain in the red.

The banking sector was dominated by red, with ACB (-0.88%), HDB (-2.78%), VPB (-2.56%), MSB (-2.8%), and SHB (-1.27%). Similarly, the real estate sector saw declines of VIC (-3.91%), VHM (-5.48%), VRE (-3.69%), TCH (-4.02%), and PDR (-2.02%).

At the close of this morning's trading session, the VN-Index fell 37.66 points to 1,692.9 points (-2.18%) compared to the previous session. Similarly, the HNX-Index decreased by 278.01 points (-0.97%), equivalent to 2.73 points, and the UPCo M-Index decreased by 124.6 points (-0.65%), equivalent to 0.82 points.

Market liquidity reached VND 10,483.98 billion, with 413,000 shares traded. Across the sector, 63 stocks increased, 250 decreased, and 40 fell to their reference price.

According to experts at AIS Securities Company, the VN-Index maintained its downward momentum, continuing to test short-term support levels amidst a prevailing trend of active selling pressure.

Red dominated the energy, technology, and infrastructure sectors, while investors began seeking opportunities in a few banking and securities stocks.

With selling pressure still ongoing, the psychological level of 1,700 points will be a key support zone, expected to trigger short-term bargain hunting as many stocks have fallen into an oversold state.

The top priority strategy remains risk management. Investors need to aggressively remove stocks with weak price trends.

According to experts at Asean Securities Company, technically, the VN-Index is showing clear signs of weakness as it closed at 1,731 points, forming a red Doji candlestick below the MA10 and MA20 lines, confirming that selling pressure is dominant amidst technical indicators such as RSI and MFI both falling into the oversold zone (below 30).

Although this situation has the potential for a short-term technical rebound, the downtrend remains dominant, making the risk of retesting nearby support levels real if demand does not improve soon.

In a less favorable scenario, the index could continue to retreat to the support zone at the beginning of the next trading session before establishing a clearer trend towards the end of the day. Therefore, the optimal strategy at this time is to prioritize risk management, reduce holdings when the market recovers, and absolutely avoid using leverage.