The Vietnamese stock market showcased a stunning recovery on July 23, with the VN-Index closing up 30.85 points, reaching 1,699.38 points. This surge came after a significant rebound in the afternoon trading session, reversing the downward trend observed earlier in the day.

The driving force behind this increase was the Vingroup group of stocks, particularly VIC and VHM, which contributed 17.15 and 3.33 points to the index, respectively. Other sectors, including banking stocks such as STB, EIB, SHB, TCB, and HDB, as well as securities firms like SSI, VND, VCK, and HCM, also played a crucial role in influencing the index positively.

Despite the positive closing, foreign investors continued to sell off shares, recording a net sell of 515 billion VND during this session. Notably, stocks like MBB, TCB, VCB, VPB, TPB, and HPG faced significant selling pressure. Earlier in the morning session, the VN-Index had dipped by 7.83 points to 1,660.7 points, with liquidity on the HoSE exceeding 8 trillion VND. The market saw 267 stocks decline, while only 45 increased and 36 remained unchanged.

Among the stocks that faced severe declines was PNJ, the Phu Nhuan Jewelry Company, which dropped to 33,050 VND per share, experiencing a complete lack of buyers and a substantial number of shares available for sale at the floor price. This downturn followed recent announcements regarding the company’s diamond buyback program and ongoing investigations into diamond smuggling.

Additionally, DGC from Duc Giang Chemicals also hit the floor price, closing at 37,700 VND per share, with over 2 million shares available for sale at that price. This decline followed the announcement of legal issues involving three company executives, who were charged with environmental violations and other regulatory breaches.

Overall, while the VN-Index saw a positive turnaround, the market dynamics remain complex, influenced by both internal corporate developments and external investor behavior.