Shares of Phu Nhuan Jewelry (PNJ) saw a remarkable increase, hitting the ceiling price of 46,900 VND per share on July 14, driven by a wave of bottom-fishing investors. This surge comes even as authorities announced further investigations into a diamond smuggling ring linked to the company.

Following the discovery of a smuggling operation involving 28,000 diamonds, PNJ's stock had previously faced a steep decline, experiencing three consecutive sessions of hitting the floor price and three additional sessions of losses, resulting in a total drop of 25% in market value since the beginning of July.

On the same day as the stock surge, the Thanh Hoa Police Department revealed that four more individuals had been charged in connection with the international diamond smuggling case, including an employee from PNJ's subsidiary, P-Lab. This employee was implicated in the process of legitimizing the smuggled diamonds. Additionally, Dang Ngoc Thao, the former CEO of P-Lab, is under investigation for his role in the operation.

In broader market trends, the VN-Index initially dropped significantly, falling below the 1,800-point mark. However, by the end of the trading session, it recovered slightly, gaining over six points to close at 1,806.63. The liquidity on the HoSE remained low, exceeding 14.155 trillion VND. The market's recovery was supported by several stocks, including STB, MCH, ACB, PNJ, GMD, and MWG, while VIC and VHM exerted downward pressure on the index, contributing to a loss of over five points. Foreign investors were net sellers, offloading 175 billion VND worth of shares, with CTG, VIC, VPB, FPT, and VCI being the most heavily sold stocks. Conversely, BSR, PNJ, and STB were among the most purchased stocks.