Vietnamese brokerages slash margin for PNJ shares

In late July, several Vietnamese securities firms tightened margin‑lending rules for shares of Phú Nhuận Jewellery (PNJ) after the stock fell sharply. SSI reduced the margin allowance from 40% to 0%, and earlier had cut it from 50% to 40%. KIS removed PNJ from its margin‑eligible list, while TCBS, Phú Hưng and other brokers also set margin rates to 0% or excluded the ticker entirely.

The restrictions mean investors can no longer use borrowed funds to purchase PNJ shares at these firms, limiting buying power and affecting existing loans according to each company's internal policies. The move follows a 44% price drop since early July, a decline in market capitalisation of roughly VND 14,100 billion, and concerns linked to the company's gold‑purchase policy and jewelry‑market issues.