PNJ

PNJ adjusts its diamond buyback policy, capping daily payments and stretching full settlement to 120 days, as a surge in customer sellbacks pressures liquidity. The stock has dropped 46% in one month to a 3-year low, despite the company holding over 4,400 billion VND in cash and deposits.

PNJ shares fell to 35,500 VND on July 22 after SSI and KIS cut margin lending to 0%, joining a wave of securities firms removing the stock from margin lists. The move follows a scandal in the jewelry and diamond market, wiping over 13,800 billion VND from PNJ's market cap since early July.