The trading focus of the stock market in the morning session of July 8th continued to be PNJ shares of Phu Nhuan Jewelry Joint Stock Company. After three consecutive floor-dropping sessions since July 3rd due to the impact of information related to Mr. Dang Ngoc Thao, Director of P-Lab - a subsidiary of PNJ who owns 100% of capital, being investigated in a case of smuggling 28,000 diamonds, PNJ shares opened this morning's trading session at a floor price of 47,250 VND, down about 33.5% compared to the closing price on July 2nd.
However, unlike the previous three sessions when the floor selling surplus reached tens of millions of shares, bottom-fishing demand increased sharply right at the beginning of the session, quickly absorbing the entire floor selling surplus and pulling PNJ stock prices back to a price of 50,100 VND/share at the end of the morning trading session.
Liquidity exceeded 20 million units, the highest on the HOSE exchange, showing that cash flow has begun to accept risks in the low price range. However, selling pressure from investors who want to sell goods is still at a large level, showing that supply and demand are still fiercely struggling after a series of deep declines.
PNJ shares had gone through three consecutive floor-dropping sessions before, decreasing by more than 19% of the market price, to the region of 50,800 VND/share when closing the trading session on July 7. Enterprise capitalization accordingly was blown away by nearly 6,300 billion VND in a short time.
After the incident related to the former leader of P-Lab, selling pressure on PNJ shares not only came from domestic investors but also spread to foreign investors. In just three trading sessions on July 3, July 6 and July 7, foreign investors net sold nearly 764,000 PNJ shares, equivalent to a value of about 42 billion VND. This is also the period when this stock continuously decreased to the full range, with the outstanding selling volume at the floor price maintained at a high level.
From the beginning of the year to July 7, foreign investors net sold a total of more than 4.3 million PNJ shares, equivalent to a value of about 226 billion VND, thereby making the foreign ownership room in the enterprise "open" of about 4.3 million units. The expansion of foreign ownership room is a noteworthy development because PNJ was once one of the stocks that was often closed or near closed foreign ownership ratio.
In another development, PNJ also affirmed that all activities at this enterprise are still maintained stably. The enterprise has been and is implementing measures to strengthen governance, control and supervision of P-Lab, and the Company's Board of Directors has established a special supervisory team with the participation of 2 independent members.
