Recommendations

▶ In the trading session on Monday, signs of bottom-fishing demand began to appear at the 1200 area, when the index fell sharply in the morning session, then retreated in the afternoon session. Liquidity remained at the average level of the last 20 sessions. The Securities group recorded good and widespread cash flow. ▶ At the end of the trading session, the VN-Index decreased by 1.45 points (-0.12%), reaching 1,217.12 points; the HNX-Index increased by 0.26 points (+0.12%), reaching 221.79 points. Market liquidity reached VND 15.5 trillion, equivalent to about 646.2 million shares traded. Foreign investors net sold VND 1,473 billion, mainly concentrated in SSI, VHM and MWG. ▶ Technical perspective: The market performed relatively negatively at the beginning of the session when it decreased significantly and approached the 1,200 point mark. At the important support zone that has been successfully defended many times, buying power appeared and helped the VN-Index increase by nearly 15 points from the bottom of the trading session. Since April 2024, the VN-Index has traded sideways in a wide range of 1,180-1,300 points. The RSI signal has entered the oversold zone, VN-Index is likely to have a recovery in the coming sessions. Since VN-Index is currently still trading below EMA200, investors should continue to observe and wait for a more suitable buying point in the coming time. If positive, VN-Index will rebound from the bottom of 1,200 points to EMA200 and successfully maintain this zone under short-term profit-taking pressure, then investors can consider increasing the proportion. In case VN-Index cannot return to EMA200, the downtrend will continue to be confirmed and the 1,180 point zone will be the next test zone. Strategy: Investors maintain a low stock proportion and wait for the market to confirm a clearer buy signal. For stocks that violate technical signals, investors can reduce the proportion for the purpose of portfolio risk management.

Last week, the major indexes pulled back from their all-time highs, as the post-election rally lost momentum. The Dow dropped 1.24%, the S&P 500 fell 2.08%, and the Nasdaq Composite slid 3.15%. These declines came after Federal Reserve Chair Jerome Powell signaled that the central bank is in no rush to cut interest rates, citing the economy’s strength, a resilient labor market, and ongoing inflationary pressures. Retail sales in the US increased 0.4% month-over-month in October 2024, following an upwardly revised 0.8% gain in September, and above market forecasts of 0.3%   VNINDEX closed at 1,218.57 (-13.32 points, -1.08%) with liquidity higher than the 20-session average. The market had 75 green codes and 305 red codes. The group of stocks contributing to the markets increase included VTP KBC and VRE while BID FPT and VNM contributed to the markets decrease. All major industry groups ended the session under strong selling pressure. Foreign investors net sold more than VND1,329 billion, mainly concentrated in VHM and FPT.   World stocks: US retail sales came in above forecasts Vietnamese stocks: The bears have the upper hand Macro news Business news: #TCB, #CTR, #FPT, #NVL, #PHR, #VSI Event calendar Q&A

Highlights: On November 15th, The SBV raised the central exchange rate by 8 dong to a new high of 24,298 VND/USD, marking the fourth consecutive increase this week. On November 15th, the US Dollar Index reached 106.82, its highest level in a year. On November, 14th, Fed Chair Powell indicated that the strong US economy may delay interest rate cuts. Technical view: The VN-Index closed the week at 1,218.57, down 2.71% with increased trading volume, indicating strong selling pressure. Foreign investors were net sellers of approximately 4 trillion dong during the week. Sectors such as retail, oil and gas, and banking experienced significant selling. The index has broken below its 200-day moving average, suggesting a potential retest of the 1,200 level.   Investment ideas: Given the significant market volatility, short-term traders should avoid holding highly market-sensitive stocks like those in the banking and finance sectors. Prioritize sectors with high export volumes to the US, as well as those benefiting from public investment and industrial zones. However, given the overall market risk, it is advisable to maintain a low equity allocation.

In regular trading on Thursday, the Dow lost 0.47%, the S&P 500 dropped 0.6% and the Nasdaq Composite tumbled 0.64%. Stocks came under pressure after Federal Reserve Chair Jerome Powell stated in Dallas that there was no rush to lower rates given the economys strength. His comments led markets to reduce the likelihood of a quarter-point rate cut at the Fed’s December meeting, with odds now around 48%, down sharply from 82.5% the previous day. Investors also absorbed data showing a slight acceleration in US producer prices for October, with the core PPI surpassing expectations, further complicating the outlook for rate cuts. In corporate news, Applied Materials saw a nearly 6% drop in after-hours trading following weak revenue guidance for the current quarter.   VN-Index closed at 1,231.89 points, down 14.15 points (-1.14%) with liquidity around the 20-day average. The market saw 82 gainers and 284 decliners. Stocks contributing to the markets uptrend included BCM, HVN, and HAG, while HPG, CTG, and BID contributed to the decline. Most sectors adjusted downward, except for the port sector which saw a green close. Foreign investors net sold over 956 billion VND, mainly focusing on FPT and VPB.   World stocks: The probability of the Fed cutting interest rates has sharply decreased to 48% Vietnamese stocks: Stack up with difficulty Macro news Business news: #CTR, #VHC, #MSH, #TCB, #HBC, #BCM Event calendar Q&A

▶ In Thursdays trading session, the market was stained with blood with the differentiation of cash flow, especially in the Banking and Securities sectors. VN-Index remained in a tug-of-war state and volume did not change much compared to the previous session. This shows that investors are waiting for the right time to catch the bottom in the context of a deep market decline. ▶ At the end of the trading session, VN-Index decreased by 14.15 points (-1.14%), reaching 1,231.89 points; HNX-Index decreased by 2.39 points (-1.06%), reaching 223.82 points. Market volume reached 16.1 trillion VND, equivalent to about 692.6 million shares traded. Foreign investors were net sold of 941.01 billion VND, focusing on FPT, VPB, HPG. ▶ Technical perspective: The market moved negatively when it fell nearly 14 points, erasing yesterdays increase and pushing VN-Index to the bottom of the past 3 months. Cash flow continued to weaken and could not help reverse the trend. With the current movement, in a positive case, the market needs to re-establish the balance zone of 1240 for cash flow to return. In a less positive case, if the support zone of 1240 is lost, VN-Index will continue to correct and return to test the zone of 1,200-1,220 to find new cash flow. Strategy: Investors should maintain an observation state and wait for the market to determine a short-term uptrend. Investors can wait to buy when the market rises above 1,270. If VN-Index fails to attract cash flow from buyers and loses EMA200, investors can reduce the proportion of stocks to manage risks.