HÀ NỘI — The stock market ended Tuesday on a positive note, with bargain-hunting demand helping the VN-Index reverse earlier losses and close higher, while jewellery retailer Phu Nhuan Jewellery (PNJ) surged to its daily ceiling ahead of an extraordinary shareholders' meeting on restructuring plans.

On the Hochiminh Stock Exchange (HoSE), the VN-Index gained 2.13 points to 1,691.97 points. 

The breadth of the market was positive, as 188 stocks increased while 115 stocks decreased. However, liquidity remained at a low level, reaching over VNĐ13.2 trillion (US$512 million). 

The VN30-Index, which tracks the 30 largest stocks by market capitalisation on the HoSE, rose 6.33 points to 1,845.51 points.

The HNX-Index on the Hanoi Stock Exchange also increased slightly by 0.05 points to 257.96 points.

Vingroup's VIC was the largest contributor to the VN-Index's advance, adding 3.29 points. Techcombank (TCB) contributed 1.06 points, while Hoa Phat Group (HPG) added 1 point. Masan Group (MSN), Becamex (BCM) and Vietnam Rubber Group (GVR) each contributed 0.38–0.39 points.

PNJ attracted particular attention, climbing 6.76 per cent to VNĐ19,750 per share, its daily ceiling price. 

The stock has recovered about 8.8 per cent from its closing price on October 12. However, it remained nearly 69 per cent below its closing price of VNĐ63,100 on July 2, before selling pressure intensified in connection with the diamond-related case.

The rally came one day before PNJ's extraordinary shareholders' meeting, scheduled for October 21 in HCM City, where shareholders are expected to consider adjustments to the company's business plan and restructuring following a diamond smuggling case in early July.

One of the key proposals concerns revisions to the company's 2026 business plan. Under the proposed plan, PNJ may set aside more than VNĐ7 trillion in provisions for potential losses associated with its exchange policy for goods already sold and expected to be repurchased in the future.

The provision could result in an estimated after-tax loss of nearly VNĐ6.3 trillion, according to the proposed plan.

PNJ is also expected to seek shareholder approval for a private placement of up to 550 million ordinary shares to professional securities investors.

Meanwhile, losses in several heavyweight stocks limited the market's gains. 

Vinhomes (VHM) was the biggest drag, falling 4.15 per cent and subtracting 4.12 points from the benchmark. Vietcombank (VCB), HDBank (HDB) and LPBank (LPB) reduced the index by 0.69 points, 0.66 points and 0.37 points, respectively.

Adding pressure to the market, foreign investors extended their net selling streak, offloading VNĐ175 billion on HoSE and VNĐ32.1 billion on HNX. — BIZHUB/VNS