Bottom-fishing investors are pouring into PNJ shares.
PNJ shares became the center of attention as bargain-hunting demand absorbed all the sell orders at the floor price, helping the stock to briefly rebound after a series of three consecutive sessions of falling to its lower limit.
Opening the trading session on the morning of July 8th, the VN-Index fluctuated within a narrow range. Red dominated the electronic board, mainly due to pressure from Vingroup stocks; however, support from the Banking and Oil & Gas sectors helped the index maintain balance.
PNJ shares continued to attract market attention. After a series of three consecutive sessions of falling to the floor price, bottom-buying demand increased sharply, quickly absorbing all the excess sell orders at the floor price and at one point pushing the stock up to 50,000 VND.
Liquidity also surged to over 17.5 million units, the highest on the HOSE exchange, indicating that investors are beginning to accept disbursements at lower price levels.
Nevertheless, selling pressure from investors looking to offload their shares has not subsided. After a brief recovery, PNJ once again fell below 49,000 VND/share, reflecting the fierce tug-of-war between buyers and sellers after a series of sharp declines.
In the banking sector, VPB (+1.09%), TCB (+0.59%), CTG (+0.73%), ACB (+0.66%), and MBB (+0.19%) all performed well. In the financial services sector, SSI (+1.47%), VCI (+2.81%), SHS (+2.07%), VIX (+0.91%), and VND (+0.27%) all performed well.
Real estate group: VHM (+0.2%), NVL (+1.59%), PDR (+0.35%), DIG (+3.78%) and CEO (+2.14%). Oil and gas group: BSR (+3.51%), PVD (+1.07%), PLX (+1.29%), OIL (+3.17%) and PVS (+1.67%).
At the close of this morning's trading session, the VN-Index rose 3.43 points to 1,851.68 points (+0.19%) compared to the previous session. Similarly, the UPCoM-Index increased by 127.95 points (+0.4%), equivalent to 0.56 points, and the HNX-Index increased by 300.52 points (+2.31%), equivalent to 6.78 points.
Market liquidity reached VND 9,409.65 billion, with 367,000 shares traded. Across the sector, 160 stocks increased, 126 decreased, and 54 fell to their reference price.
According to experts at AIS Securities Company, the market closed with a hammer candlestick pattern, successfully preserving the short-term 20-day moving average (MA20).
The main support came from the banking, securities, and energy sectors. Conversely, downward pressure was present in the Consumer Goods and Infrastructure Services sectors.
Pressure for correction and the formation of a new short-term downtrend remains present, with strong support around the 1,800 point level.
Investors continue to review their portfolios to eliminate weak stocks and bring short-term investments to a safe level.
According to experts at Asean Securities Company, in this context, short-term investors should maintain an average portfolio weighting, avoid chasing prices, and focus on trading within the support zone of 1,840 - 1,860 points.
At the same time, priority should be given to stock groups with specific supporting stories such as state divestment, economic development resolutions, market upgrade roadmaps, 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.
