VN-Index ends lower despite liquidity hit over $1 billion

VN-Index ends lower despite liquidity hit over $1 billion

The market benchmark fell 3.88 points to 1,735.09 points, with trading value on the main exchange surpassing VNĐ27.5 trillion (US$1.1 billion).

The market traded differently on Friday, with the VN-Index extending losses despite a sharp increase in liquidity as bargain hunters returned to the market.

The VN-Index on the Hochiminh Stock Exchange (HoSE) fell 3.88 points to 1,735.09 points. Trading volume exceeded 911.3 million shares, worth more than VNĐ27.5 trillion (US$1.1 billion).

On the Hanoi Stock Exchange (HNX), the HNX-Index rose 5.38 points to 261.6 points, with more than 70.1 million shares traded, worth over VNĐ1 trillion.

Phu Nhuan Jewellery (PNJ) was among the session's most notable movers, reversing course to surge 7 per cent and ending its recent steep losing streak.

The rebound came after the Asian Institute of Gemological Sciences (AIGS) announced the results of an independent examination of diamond samples sold by PNJ. AIGS Chairman Kennedy Ho visited the company and personally presented the inspection certificates.

According to the inspection results, all the diamond samples examined were natural diamonds and matched the 4C specifications disclosed by PNJ. The samples were randomly collected by Vinacontrol, sealed and sent to AIGS gemmology experts for independent analysis.

The findings attracted attention after PNJ shares had suffered substantial losses. From September 22 to October 8, the stock recorded 13 declining sessions, including six sessions at the floor prices. Its share price had fallen by nearly 51 per cent.

Novaland (NVL) also surged to its ceiling price of VNĐ10,950 per share.

The property developer's rally came amid announcements concerning debt obligations and financial restructuring. According to disclosed information, a foreign creditor converted a bond debt into more than 1.73 million NVL shares at a conversion price of VNĐ34,000 per share.

The company also denied rumours that it was bankrupt. The company said information circulating on websites, social media and other media outlets claiming that it had gone bankrupt or was unable to continue operating did not accurately reflect its legal status or actual business operations.

Novaland said it was continuing to implement restructuring measures, restore business operations and address its obligations to customers, partners and other related parties.

However, the bond conversion price does not represent NVL's current market price and does not guarantee that its shares will rise to that level.

Despite the gains in PNJ and NVL, the broader HoSE market remained under pressure, with declining stocks outnumbering advancers and several large-cap shares weighing on sentiment. The exchange recorded 130 gainers and 175 decliners.

Foreign investors recorded net selling of nearly VNĐ9.3 trillion on the two exchanges. On HoSE, they extended their net-selling streak to 12 consecutive sessions, with net sales reaching nearly VNĐ9.3 trillion.

Bizhub