The Vietnamese stock market has just opened the new week with a volatile trading session. Strong selling pressure continued to put pressure on the market in today's session (July 14) and caused the VN-Index to lose the important support level of 1,800 points at the end of the morning session.
However, market developments became more positive after lunch break, even towards the end of the day, the electronic board changed color, while many bluechips reversed to increase, along with the large pair VIC, VHM narrowing downward momentum, bringing VN-Index above the reference level when closing.
Closing the trading session on July 14, VN-Index increased by 6.09 points (+0.34%), to 1,806.63 points. Total trading volume reached nearly 564.8 million units, worth 14,261.6 billion VND.
The bluechip group with oil and gas stocks is still the focus when adding to the increase momentum, in which, BSR leads with an increase of more than 5.6% to 27,200 VND, GAS +4.1% to 78,500 VND, PLX +3.5% to 36,800 VND. The pair of large stocks VIC and VHM significantly narrowed the decline, with VHM only -1.5% to 140,800 VND, and VIC -1.1% to 219,000 VND.
The focus of today's market is the stock of Phu Nhuan Jewelry Joint Stock Company (stock code: PNJ) which just had a spectacular increase, thereby closing the session at the ceiling price of 46,900 VND/share. This is the first time this stock has hit the ceiling price after more than 4 months, since the 10th session of March 2026. Market capitalization correspondingly reached nearly 24,000 billion VND.
The noteworthy point of this strong increase session appeared when PNJ shares had many sessions of deep drop, even dropping to the floor after an incident related to a diamond smuggling case that occurred in early July related to the former Director of PNJ Inspection One Member Limited Liability Company (P-Lab). This is a subsidiary owned 100% by PNJ, operating in the field of inspection and certification for diamonds, gemstones and gold.
In the context of deep market price decline, Mr. Phan Quoc Cong, Member of the Board of Directors cum General Director of PNJ, has just registered to buy 1 million shares to restructure his personal investment portfolio. The transaction is expected to be carried out by order matching and agreement method in the period from July 17 to August 14.
Previously, Mr. Cao Ngoc Duy, younger brother of PNJ Chairman of the Board of Directors Cao Thi Ngoc Dung, also registered to buy 300,000 shares. The transaction is expected to take place from July 10 to August 7. In the opposite direction, the fund group managed by VinaCapital announced that it had sold more than 3 million PNJ shares in the July 8 session.
In a related development, on August 17, PNJ will finalize the list of registered shareholders to get written opinions on the plan to buy back treasury shares. PNJ said that the purchase back of treasury shares is one of the solutions that the Board of Directors is considering to implement in the current context, showing confidence in the company's operating foundation as well as commitment to accompany the long-term interests of shareholders.
Returning to the developments of the stock market, TPS Securities Company (CTCK) gave the view that the 1,780-1,800 point zone continues to play a supporting role when it was the bottom-fishing area in June, and converges with the moving average line MA200. The fact that the index maintained above this support zone shows that the medium- and long-term upward structure has not been broken, thereby increasing the probability of technical recovery appearing.
Accordingly, TPS Securities Company maintains a positive view on the short-term outlook of the market. Besides the support signal from technical factors, the P/E of VN-Index currently only fluctuates around 13 times and about 11 times if excluding the impact from VIC (accounting for about 20% of market capitalization). This valuation level creates a basis for expecting VN-Index to soon stabilize again, in which the 1,780-1,800 point zone continues to play an important supporting role.
Beta Securities Company believes that cash flow is likely to continue to maintain caution, market liquidity and trading trends of foreign investors are still important factors to monitor. Although there is a possibility of technical recovery, liquidity needs to be confirmed for sustainability. Currently, caution should still be maintained in short-term transactions and leverage use should be limited.
