PNJ shares traded below their reference price this morning but surged after the lunch break. The stock's upward momentum continuously widened, reaching the ceiling price of 19,750 dong before closing. This marked the most positive trading session in two weeks, helping the market capitalization return to the 10,000 billion dong mark.
PNJ closed the session with no sellers, while buy orders at the ceiling price exceeded 4 million shares. The stock successfully matched orders for over 16 million shares, representing a transaction value of more than 315 billion dong.
Following a period of intense selling, foreign investors engaged in "bottom fishing" PNJ, net buying over 3,5 million shares, the highest volume in two months.
Strong capital flowed into PNJ just before the extraordinary general shareholder meeting, scheduled to take place in TP HCM. At this meeting, the company, chaired by Ms. Cao Thi Ngoc Dung, will present several important proposals regarding its reconstruction plan after the diamond incident.
PNJ plans to adjust its annual revenue target, reducing it by about 20% from the initial estimate, to around 39,000 billion dong. The company expects to make a provision for loss of over 7,071 billion dong for its buyback policy, which will change the after-tax profit plan from a 3,400 billion dong profit to a 6,271 billion dong loss.
Additionally, PNJ proposes to shareholders to adjust last year's dividend payout ratio from 20% to 10%. The company also plans to issue a maximum of 550 million private placement shares to supplement working capital and finance development plans for the next three years. Management stated that their priorities are to consolidate financial health, improve governance, control risks, and regain customer and market trust.
Since the P-Lab incident occurred in early July, PNJ's stock market value has fallen by about 70%. The shareholder structure has also seen significant changes due to insider transactions and movements by some domestic and foreign investment funds.
PNJ's rise today aligned with the VN-Index. The index representing the TP HCM exchange gained over two points, rising to nearly 1,692 points. Market breadth was entirely skewed towards buyers, with nearly 180 stocks increasing and only about 110 decreasing.
Market liquidity remained low at 13,200 billion dong. TCB was the only stock to record matched orders of over 1,000 billion dong. Foreign investors continued their net selling streak for the 20th consecutive session.
Phuong Dong
