The stock market has just experienced its 4th consecutive week of decline with a fairly strong amplitude when VN-Index lost more than 5.6%. In particular, with the development of breaking through the psychological milestone of 1,700 points and no signal showing that the decline has ended, it shows that VN-Index is highly likely to continue the correction phase.
Entering the first trading session of the new week on July 27, the market opened to recover in green. However, as predicted by securities companies, the market could not maintain its upward momentum due to the lack of large cash flow and support from the pillar stock group. The market reversed to adjust below the reference price when the number of declining stocks gradually prevailed.
At the end of the session, the general market faced strong selling pressure, causing VN-Index to continue to decrease by 17.1 points (-1.01%) to the threshold of 1,669.01 points. Liquidity on HOSE reached more than 15,463 billion VND with nearly 723 million shares traded. The whole market recorded 197 gainers, 475 losers and 30 floor-price decliners.
In terms of impact on the index, BID took away the most points from VN-Index when causing the index to decrease by 1.94 points. Followed by MWG (-1.38 points), HPG (-0.79 points), VPB (-0.66 points), VCK (-0.64 points) and HDB (-0.57 points).
Despite widespread adjustment pressure, after 4 consecutive floor-dropping sessions, shares of Phu Nhuan Jewelry Joint Stock Company (PNJ code) unexpectedly welcomed a massive bottom-fishing cash flow, pulling the market price to the ceiling. Closing the session today, July 27, PNJ shares increased to the full range of +6.99% (equivalent to an increase of 2,150 VND/share), reaching the ceiling price of 32,900 VND/share.
Liquidity also recorded a sudden increase. Total matched order volume in the session reached more than 10.2 million shares, corresponding to a transaction value of more than 329 billion VND. Notably, PNJ shares closed at the ceiling price "white on the selling side" in a deep market decline session, completely separated from the general trend of the VN30 group and the large market.
Although it increased sharply in today's session, the market price of PNJ shares is still 61% lower than the peak reached at the end of January. The corresponding market capitalization is only about 16,800 billion VND, "evaporating" nearly 1 billion USD after only half a year.
PNJ shares fluctuated sharply after information that the former Director of PNJ Appraisal Co., Ltd. (P-Lab), a subsidiary of PNJ, was involved in a case of smuggling more than 28,000 diamonds. The incident then affected customer psychology, causing a sudden increase in demand for resale of diamonds and jewelry at the PNJ system.
In the opposite direction, MWG of Mobile World Investment JSC became the only stock in the VN30 basket to fall to the floor price. At the end of the session, MWG lost 6.91% to 63,300 VND/share. Liquidity reached nearly 7.7 million shares, about 45% higher than the average of nearly 5.3 million shares per session in the previous 10 trading sessions, showing that selling pressure increased significantly.
This development is contrary to the business results of the enterprise. According to the recently released report, MWG's consolidated revenue in the first 6 months of 2026 reached VND 95,305 billion, an increase of 29% compared to the same period and implemented about 52% of the annual plan.
Assessing the market, Asean Securities Company (Aseansc) believes that the short-term downtrend still prevails, although VN-Index entering the strong selling zone may open up a technical recovery. In the base scenario, the market may fluctuate narrowly before establishing a clearer direction. The 1,680-1,690 point zone is considered a near support area, while 1,700-1,710 points continue to be a challenge for recovery phases.
Aseansc recommends short-term investors to keep stock holdings at an average level, limit chasing purchases and prioritize trading around the support zone. Cash flow may turn to stocks with their own story such as state divestment, economic development policies, and market upgrade roadmaps.
