After facing a continuous decline for four sessions, PNJ shares of Phu Nhuan Jewelry suddenly reversed course, reaching the ceiling price of 32,900 VND. This rebound occurred after the stock had fallen to its lowest level in nearly six years, dropping from 63,000 VND to 30,750 VND due to a series of sell-offs that had plagued the market for almost a month.

During the trading session, more than 200,000 shares were bought, and the trading volume exceeded 10 million shares, with a transaction value of over 330 billion VND. The sudden increase in demand was attributed to domestic investors' sentiment of 'catching the bottom' as they began placing active buy orders, leading to a liquidity surge not seen since the stock was listed on the Ho Chi Minh City Stock Exchange.

According to a branch manager of a securities company in Ho Chi Minh City, this strong rebound indicates that the stock may be forming a bottom, provided no unexpected information regarding the company's management arises. However, he cautioned investors against chasing prices, as foreign investors have not yet stopped their net selling of PNJ shares.

PNJ's performance stood in stark contrast to the broader market, where nearly 240 stocks declined, with only a fraction experiencing gains. The VN-Index closed at 1,669 points, down more than 17 points from the reference point, while the VN30 index fell nearly 23 points. The securities sector faced the most significant selling pressure, with multiple stocks hitting their lower limits.

Despite the overall market downturn, some stocks in the real estate sector, such as VIC and VHM, managed to post slight gains, helping to mitigate the decline of the index. The overall liquidity on the Ho Chi Minh Stock Exchange reached over 14.5 trillion VND, a slight increase from the previous week.

In the face of continued foreign selling, analysts predict that the VN-Index may maintain a short-term and medium-term downward trend, with potential support levels around 1,650 points or even 1,600 points if selling pressure remains strong. Investors are advised to be cautious and limit new purchases until the index stabilizes below 1,650 points.