The notable highlight of Monday’s trading session was the movement in PNJ shares. At the opening bell, heavy selling pressure sent PNJ stock plunging. At one point, the share price dropped to near the daily limit, hitting an intraday low of 77,000 VND. Volume spiked with nearly 3 million shares changing hands as money continued to pour into PNJ despite a backdrop of negative news.
Trading activity of PNJ shares.
According to the State Bank of Vietnam’s inspection conclusions on gold trading, PNJ violated a series of regulations related to reporting obligations in gold bullion trading, labeling of jewelry products, tax obligations, and anti-money laundering measures. The State Bank imposed a fine of over 1.3 billion VND on PNJ and referred the case to the Ministry of Public Security due to indications of criminal offenses.
In the first quarter of this year, PNJ recorded a 23.5% year-on-year decrease in net revenue, amounting to 9,635 billion VND. Net profit reached 678 billion VND, an 8% decline compared to the same period last year.
Notably, revenue from 24K gold in the first quarter plummeted by 65.8% year-on-year to 1,744 billion VND. This segment used to contribute significantly to the company’s overall revenue. According to PNJ, challenges in raw material sourcing and limited supply of 24K gold products have persisted since the second half of 2024. The restriction on the number of 24K gold products resulted in a significant drop in revenue from this segment, despite sustained high market demand.
In 2024, as gold prices repeatedly hit new highs, PNJ’s gold sales revenue surpassed 12,000 billion VND, accounting for 31% of annual revenue. Net profit reached 2,115 billion VND, marking a 7.3% year-on-year increase.
Returning to market movements, the VN-Index reversed course and closed higher, gaining over 3 points. Banks received considerable support from TCB, STB, and MBB. Oil and gas stocks witnessed strong upward momentum, including PVC, PVD, OIL, BSR, and PLX. On the HNX, PVS hit the daily upward limit.
At the closing bell, the VN-Index climbed 3.7 points (0.28%) to 1,336. The HNX-Index advanced 2.95 points (1.32%) to 226.17, while the UPCoM-Index dipped 0.13 points (0.13%) to 98.36.
Trading volume declined compared to the previous Friday, with a turnover of over 20,680 billion VND on the HoSE. Foreign investors net sold over 166 billion VND, focusing on HPG, VIC, MSB, and VRE.
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“Facing challenges with raw material procurement and a prolonged constrained supply of 24K products since the latter half of 2024, PNJ has strategically prioritized its resources towards its retail jewelry segment, the core of their business operations.”
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The Vietnam-US trade negotiations have shown positive signs, indicating a promising future for the stock market’s stability in the medium to long term.
The Growth Investment Guru’s Fund Becomes Major Stakeholder in PNJ.
PNJ, or Phu Nhuan Jewelry Joint Stock Company, has a new major shareholder in the form of T. Rowe Price Associates, Inc., a prominent American investment fund. This development comes on the heels of Dragon Capital’s exit from the list of major shareholders, marking a significant shift in the company’s investor landscape.
The Ultimate Stock Market Golden Boy: Breaking Records, Surpassing Expectations
The PNJ stock price soared to unprecedented heights, reaching the maximum allowed increase and making history. This surge in price witnessed a remarkable turnover, with over 4.6 million shares changing hands, an unexpected and extraordinary event for the company.
