SSI, KIS Cut PNJ Margin to 0% as Shares Plunge 14% in July
This Aveluro analysis covers PNJ on HOSE in the Personal & Household Goods sector. The classified event type is regulation change, with negative sentiment and a deterministic market-impact score of 4.9/10. Aveluro classifies this story as a negative catalyst and risk signal for the affected stock. Source coverage came from CafeF - Thị trường chứng khoán, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
Multiple Vietnamese securities firms, including SSI and KIS, have cut margin lending for PNJ stock to 0%, effectively removing it from their margin lists. The move comes amid a broader sell-off triggered by a scandal in the jewelry and diamond market. PNJ shares hit the floor price on July 22, closing at 35,500 VND, with market capitalization falling below 18,200 billion VND, a loss of over 13,800 billion VND since the start of July.
Key Facts
- SSI Securities reduced PNJ’s margin ratio from 40% to 0% as of July 22, 2026, removing it from the margin list.
- KIS Securities followed suit, removing PNJ from its margin list effective July 23, 2026.
- TCBS had already removed PNJ from its margin list on July 9, 2026, and Phu Hung Securities on July 6, 2026.
- PNJ shares hit the floor price on July 22, closing at 35,500 VND, down 6.95% on the day.
- PNJ’s market cap dropped to under 18,200 billion VND, a decline of more than 13,800 billion VND from early July.
- Trading volume on July 22 was 7,527,900 shares, significantly elevated.
- The margin cuts follow a scandal in the jewelry and diamond market, though the exact nature of the event is not detailed in the source.
What Happened
On July 22, 2026, SSI Securities updated its margin list, removing PNJ stock entirely and setting the margin lending ratio to 0%. This means investors can no longer use margin to buy PNJ shares at SSI. Previously, SSI had already reduced the margin ratio from 50% to 40%. KIS Securities announced a similar move effective July 23.
These actions follow earlier margin cuts by TCBS (July 9) and Phu Hung Securities (July 6). The coordinated reduction by multiple brokers indicates a systemic reassessment of PNJ’s risk profile following a scandal in the jewelry and diamond market. The source article does not specify the exact nature of the scandal but notes it has triggered a sharp sell-off.
Market Context
PNJ, listed on HOSE, has been under severe selling pressure since early July. The stock closed at 35,500 VND on July 22, down 6.95% on heavy volume of 7.5 million shares. Since the start of July, PNJ’s market cap has lost over 13,800 billion VND, reflecting a decline of more than 43% from its early July level. The margin cuts by major brokers like SSI and KIS exacerbate the selling pressure by restricting leverage, potentially leading to forced liquidations of existing margin positions.
Strategic Significance
The margin cuts signal that securities firms view PNJ as a high-risk stock, likely due to the jewelry market scandal. For long-term investors, this suggests heightened uncertainty around PNJ’s business fundamentals and governance. The stock’s inclusion in margin lists had previously supported its liquidity and price; its removal could lead to prolonged weakness. The scandal’s impact on PNJ’s core jewelry retail operations remains to be seen, but the market’s reaction indicates a loss of confidence.
What to Watch
- PNJ’s official disclosure regarding the jewelry market scandal and any potential financial or operational impact.
- Further margin cuts or reinstatements by other securities firms.
- PNJ’s Q2 2026 earnings report, expected in August, for signs of business disruption.
- Trading volume and price action to gauge whether selling pressure is stabilizing.
- Any regulatory or legal developments related to the jewelry market scandal.