The market's focus was on PNJ shares of Phu Nhuan Jewelry Joint Stock Company.

After falling to the floor price again in early trading, marking a fifth consecutive session at the daily downside limit, the stock briefly recovered.

The rebound, however, was short-lived. By 10:50 a.m., nearly 51 million PNJ shares had changed hands, equivalent to almost 10% of the company's outstanding shares. The company is chaired by Cao Thi Ngoc Dung.

Despite the surge in liquidity, selling pressure remained dominant. PNJ reversed course and fell another VND850 to VND23,900 ($0.91) per share.

Notably, foreign investors sold nearly 41 million shares while buying only about 3.4 million.

The trading pattern showed that pressure to exit PNJ remained intense following a series of steep declines. The unusually high trading volume also put the stock's supply-demand dynamics firmly in the market spotlight.

PNJ shares have come under pressure following a crisis of confidence involving diamonds and the company's handling of the issue. According to an analysis by AAS Research, the risks stem not only from potential financial provisions but also from how the crisis was handled in its early stages.

Maintaining commitments to exchange and repurchase products could help protect customers' interests, but could also put pressure on cash flow if demand for resales increases.

According to AAS Research, concerns could shift from product quality to the company's ability to meet payment obligations, making the confidence issue more complex.

Novaland stalls, Kosy has no buyers at floor price

In the real estate sector, Novaland shares, traded under the NVL ticker, hovered around their reference price after gaining nearly 2% in the Oct. 1 session.

Before that rebound, the stock had declined for eight consecutive sessions, including several in which it hit the 7% daily downside limit.

The brief recovery was not enough to confirm a trend reversal, particularly as investors remained cautious toward real estate stocks.

Meanwhile, KOS shares of Kosy Joint Stock Company fell to the floor price for a 10th consecutive session.

At around 10:40 a.m., nearly 34.7 million shares were queued for sale at the floor price, while there were no pending buy orders. Liquidity was virtually frozen, with only about 3,700 shares changing hands.

The prolonged decline came as several securities companies announced forced sales of shares held by executives and people related to Kosy Chairman Nguyen Viet Cuong.

With a large volume of shares offered for sale and virtually no buy orders, investors seeking to sell KOS struggled to find counterparties.

Blue chips weigh on VN-Index

Red also dominated most large-cap stocks.

At around 10:40 a.m., only five stocks in the VN30 basket - ACB, BSR, GVR, MSN and MWG - posted slight gains. FPT, GAS and MCH were unchanged, while the remainder declined.

Vingroup shares, traded under the VIC ticker, lost VND3,600 to VND216,400 ($8.22) each, down about 15.5% from their peak of more than VND256,000 ($9.73) reached on Sept. 4.

Vinhomes, or VHM, fell VND800 to VND67,600 ($2.57) per share. Vinpearl, or VPL, lost VND500 to VND78,000 ($2.96), while Vincom Retail, or VRE, dropped VND450 to VND23,700 ($0.90).

Numerous banking, securities, technology and construction-material stocks also weakened, making it difficult for the broader market to mount a recovery.

Market assessments indicated that weak buying demand was among the factors leaving the VN-Index vulnerable to steep declines. Although matched-order liquidity did not necessarily indicate a broad-based sell-off, buyers remained hesitant, allowing shares offered for sale to exert greater downward pressure on prices.

High interest rates were also adding pressure to the market. Deposit rates for six- to 12-month terms at some banks were reported at 9-10% a year, providing investors with another avenue for returns while increasing businesses' cost of capital.

Internationally, the yield on 10-year US Treasury bonds at around 5.34%, together with the strength of the US dollar, were factors that could affect risk appetite and capital flows in emerging markets.

According to Tien Phong Securities, or TPS, the VN-Index had broken below its 200-day exponential moving average, or EMA200, as well as the 1,760-point support level, indicating that downward momentum remained amid weakening demand.

TPS identified 1,715 points, corresponding to the market's August 2026 low, as a notable support area.

BSC Securities said corrective pressure continued to dominate and the VN-Index could test the 1,740-point area, corresponding to the 38.2% Fibonacci level measured from the late-July low. The short-term trend remained weak, and stronger buying demand would be needed for conditions to improve.

According to figures cited by VIX Securities, foreign investors recorded net sales of VND4.836 trillion ($183.7 million) in September, bringing cumulative net selling since the beginning of 2026 to VND98.724 trillion ($3.75 billion).

The State Bank of Vietnam's liquidity management operations were also being closely watched by the market. On Oct. 1, the central bank made a net withdrawal of VND584 billion ($22.2 million) through open-market operations, following a session of net liquidity injection.

In addition to pressure from large-cap stocks, steep declines in widely watched names such as DGC, PC1, PNJ and NVL could also weigh on overall investor sentiment.

Another factor making investors cautious is the volume of real estate corporate bond repayments due in the final months of the year.

With many companies facing fundraising pressure and interest rates remaining high, their ability to meet debt obligations and arrange sufficient cash flow remains an issue to watch.

Manh Ha