The incident involving a former director of a PNJ subsidiary, P-Lab, linked to a diamond smuggling ring of 28,000 diamonds, continues to impact PNJ shares. The stock was the only one on the TP HCM exchange to hit its lower limit on 7/7, dropping to 50,800 VND. Its market price has plunged by nearly 20% after three consecutive sharp adjustments, eroding market capitalization by nearly 7,000 billion VND.

The selling pressure on PNJ shares shows no signs of weakening, despite Ms. Cao Thi Ngoc Dung, Chairwoman of the Board of Directors, affirming yesterday that diamonds from the smuggling ring did not enter the company's retail system. Ms. Dung also stated that the leadership is considering and re-evaluating share buybacks as a tool to protect the company's value and shareholder interests when necessary.

PNJ stock price chart over one year, as of 7/7/2026. Screenshot.

Some securities firms, despite initially believing the incident might not have an impact, have adjusted PNJ's profit forecasts. They have also placed the stock under "review," rather than maintaining buy recommendations in reports issued before the recent fluctuations.

"PNJ's biggest challenge at this stage is restoring confidence among both customers and investors in its corporate governance," an ACBS analysis report stated.

Today's sharp correction session placed PNJ as the third most negative contributor to the VN-Index among the top 10 stocks. VHM and MSN led this list, deducting 3.5 and 0.5 points from the index, respectively.

Nevertheless, the VN-Index generally maintained a positive outlook, rising a total of five points to 1,848 points. The index representing the TP HCM exchange ended a three-session losing streak as capital flowed back into blue-chip stocks. The TP HCM exchange saw a total of 163 gainers, while approximately 140 stocks declined.

The banking sector contributed the most to today's gains. Among the 10 stocks with the most positive impact on the VN-Index, this group had five representatives: LPB, MBB, HDB, BID, and ACB. The price fluctuation range for this group was relatively large, from 0.2% to 5%.

The securities sector surged in the final minutes of the session, helping the market rebound into positive territory. All stocks in this group declined in the morning session but later reversed to gain 1-5%. Blue-chip stocks like SSI, VCI, VPX, TCX, among others, all accumulated more than 1.5% compared to their reference prices.

Conversely, red dominated the oil and gas sector. The two leading stocks, GAS and PLX, lost 0.3% and 0.6% respectively, while mid-cap stocks like POW, PVC, and OIL saw sharper corrections. BSR was one of the few oil and gas stocks to swim against the tide, rising 3.2% to 24,250 VND.

Despite the index's gains, a cautious sentiment still enveloped the market. Liquidity on the TP HCM exchange today was less than 16,500 billion VND, a sharp decrease from over 22,400 billion VND in the previous session. No stock reached a trillion VND in matching volume. MSN and VIC shared the top positions in liquidity rankings, achieving 667 billion VND and 643 billion VND respectively.

Foreign investor transactions showed signs of improvement. This group recorded net purchases of 43 billion VND, ending a three-session selling streak.

Phuong Dong