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▶ To conclude the 2025 calendar year, the VN-Index ended on a high note, officially closing the year with a 40% overall gain. Key blue-chip stocks such as VIC, VHM, and HDB recorded strong growth, playing a vital role in supporting the index. Cautious sentiment and limited disbursement ahead of the long holiday kept the market relatively subdued, with liquidity levels remaining below the 20-session average. Generally, the current market remains highly polarized and has yet to see a definitive leading sector emerge. ▶ At the close of the session, the VN-Index rose 17.59 points (+1%) to finish at 1,784.49 points; the HNX-Index fell 1.73 points (-0.69%) to 248.77 points. Total market liquidity stood at only 24 trillion VND, corresponding to over 804 million shares traded. Foreign investors continued their net buying streak with a net value of 714 billion VND. Notable net buying was recorded in STB (132 billion VND), VPL (119 billion VND), and MWG (111 billion VND). Conversely, the most significant net selling occurred in HDB and LPB. ▶ Technical perspective: The market continued its strong upward momentum, breaking through the psychological resistance level of 1,780 points and establishing a new peak at 1,784 points. However, liquidity remained low and market divergence was obvious as cash flow concentrated primarily on large-cap stocks, which is insufficient to confirm a sustainable uptrend. While MACD signals are reinforcing the recovery phase, profit-taking pressure at the resistance zone may trigger short-term volatility. Base-case Scenario: The market has recovered positively and climbed above 1,700 (temporarily escaping the 1,600 - 1,700 sideways range) with improved liquidity, broadening market breadth, and the return of foreign investors. However, the market will face certain resistance as it nears its old peak and may see fluctuations around 1,800 before cash flow improves further following the conclusion of the Party Congress in early 2026. Negative-case Scenario: Downward momentum continues to increase with rising trading volume on the sell side, and no bottom-fishing demand appears around the 1,600 - 1,650 level. In this scenario, the market could continue toward the 1,500 support zone and even lower price ranges for testing. Strategy: Investors should carefully select stocks as the VN-Index score is heavily influenced by the performance of the VIC group. Medium and long-term investors can begin partial disbursements in stock groups with strong business results and attractive discounts, such as Banking, Finance, and Public Investment. Shorter-term investors may look for improved cash flow and price action to select stocks in sectors such as Power/Electricity, Industrial Parks, and Technology.  

US stocks pull back after record highs. Minutes from the Feds December meeting noted that most of the FOMC judged that rate cuts are likely to be appropriate next year if inflation eases over time. Still, policymakers were divided in their assessment of risks between higher inflation and unemployment, with a part of the FOMC displaying greater concern that inflation becoming entrenched may require higher borrowing costs, while others preferred a greater magnitude of rate cuts to curb signs of a softening labor market. The December meeting saw a reduction in the federal funds rate by 25bps to a range of 3.5%–3.75%, matching the consensus by markets, for a third cut in the year. The decision featured two dissents, with two members opting for a hold while new FOMC Governor Miran opted for a 50bps cut. Additionally, the SEP featured in the meeting indicated that policymakers were more optimistic about growth next year, reflecting a smaller-than-expected initial impact from tariffs.    Recovery. VN-Index closed at 1,766.9 (+12.06 points, +0.69%) with liquidity falling below the 20-day average. The market saw 168 gainers and 142 losers. The main laggards weighing on the market were VPL, BSR, and VJC, while the top contributors to the index’s gains were VIC, VPB, and BID. Foreign investors were strong net buyers during the afternoon session, totaling 999 billion VND, with a focus on MWG and FPT   Trading Strategy: Short-term investors may consider participating in stocks showing strong upward signals above the 20-day moving average (MA20), such as the banking, oil & gas, and utilities sectors. Medium-term investors can view pullbacks toward the 1,680 level as favorable opportunities for disbursement.  

▶ In the penultimate trading sessions of the year, the market recorded another gaining session, moving one step closer to reclaiming the previous peak around the 1,800 level. Despite dipping into the red at times, a late-session recovery helped the index quickly reverse upward, bolstered significantly by the Banking sector and key blue-chips such as VIC, MSN, and MWG. On the downside, liquidity remained quite sluggish, reflecting cautious investor sentiment ahead of the long New Year holiday. Foreign investors turned to a net buying position of nearly 1,000 billion VND, focusing heavily on MWG, FPT, and STB. ▶ At the close of the session, the VN-Index rose 12.06 points (+0.69%) to finish at 1,766.90 points; the HNX-Index fell 0.72 points (-0.29%) to 250.5 points. Total market liquidity dropped sharply to only 22 trillion VND, corresponding to just over 760 million shares traded. Foreign investors reversed to a net buying trend with a net value of 1,000 billion VND. Notable net buying was recorded in MWG (342 billion VND), FPT (242 billion VND), and STB (167 billion VND). Conversely, the most significant net selling occurred in VIC, VHM, and VJC. ▶ Technical perspective: The market continues its recovery momentum, approaching the psychological resistance level of 1,780 - 1,800 points. Although the index remains in the green and stays above key Moving Averages (MA), cash flow is not yet truly convincing as liquidity remains at a low level. The current gains are primarily driven by the large-cap group. Signals from the MACD are reinforcing the recovery phase; however, profit-taking pressure at the resistance zone may trigger short-term volatility. Base-case Scenario: The market has recovered positively and climbed above 1,700 (temporarily escaping the 1,600 - 1,700 sideways range) with improved liquidity, broadening market breadth, and the return of foreign investors. However, the market will face certain resistance as it nears its old peak and may see fluctuations around 1,800 before cash flow improves further following the conclusion of the Party Congress in early 2026. Negative-case Scenario: Downward momentum continues to increase with rising trading volume on the sell side, and no bottom-fishing demand appears around the 1,600 - 1,650 level. In this scenario, the market could continue toward the 1,500 support zone and even lower price ranges for testing. Strategy: Investors should carefully select stocks as the VN-Index score is heavily influenced by the performance of the VIC group. Medium and long-term investors can begin partial disbursements in stock groups with strong business results and attractive discounts, such as Banking, Finance, and Public Investment. Shorter-term investors may look for improved cash flow and price action to select stocks in sectors such as Power/Electricity, Industrial Parks, and Technology.  

US stocks pull back after record highs. US stock futures inched higher on Monday ahead of a shortened holiday week, after the major indexes edged up on Friday. The Dow rose 0.1% while the S&P 500 and the Nasdaq 100 were almost unchanged, highlighting the last three days of 2025 and the first trading day of 2026. The market will be closed for New Years Day. Tuesday’s FOMC meeting minutes will be a key catalyst this week, offering detailed insights into the Fed’s December policy decisions and the internal debates that shaped its more hawkish outlook for 2026, while investors also look for seasonal factors, including the Santa Rally, to lift sentiment. In regular trading on Friday, the Dow and the S&P 500 gained 0.1%, closing at record highs as strength in technology and energy offset caution tied to robust growth data. Also, the Nasdaq Composite rose 0.1%, supported by a 1% gain in Nvidia after it announced a licensing deal with AI startup Groq, reviving demand for AI-related names and supporting the broader megacap complex.   Recovery. VN-Index closed at 1,754.84 (+25.04 points, +1.45%) with liquidity falling below the 20-day average. The market saw 189 gainers and 126 losers. The main laggards weighing on the market were HPG, VPB, and TCX, while the largest contributors to the indexs gains were VIC, VHM, and GAS. Foreign investors were net sellers of 123 billion VND, focusing primarily on BWE and VIC   Trading Strategy: Short-term investors may consider participating in stocks showing strong upward signals above the 20-day moving average (MA20), such as the banking, oil & gas, and utilities sectors. Medium-term investors can view pullbacks toward the 1,680 level as favorable opportunities for disbursement.  

▶ The market continued its upward momentum in the first session of the week. With strong consensus from the VinGroup family, the index successfully closed with a 25-point gain, moving closer to the previous peak around the 1,800 level. Other sectors showed relative divergence; while Energy and Insurance performed well, others lagged. However, liquidity saw a severe drop, reaching only 24 trillion VND—well below the 20-day moving average. On a positive note, foreign investors narrowed their net selling streak, with a net sell value of just under 100 billion VND. ▶ At the close, the VN-Index surged by 25.04 points (+1.45%) to finish at 1,754.84 points, while the HNX-Index rose by 0.69 points (+0.28%) to reach 251.22 points. Total market liquidity plummeted to 24 trillion VND, corresponding to just over 785 million shares traded. Foreign investors reduced their net selling pressure compared to last Friday, recording a net sell value of 88 billion VND. Significant net selling was seen in BWE and VIC, while FPT, STB, and VJC led the net buying side. ▶ Technical perspective: The market continued its recovery in terms of points, yet broad-based participation across sectors remained limited, with the primary gains driven by the VinGroup family and the Oil & Gas sector. The VN-Index continues to head toward the 1,800-point threshold to test its previous peak; however, liquidity remains at a low level. As cash flow stays cautious, volatility is likely to occur as the index approaches key resistance levels. The market trend remains within the 1,700 – 1,800 range, and stronger liquidity sessions with wider sector rotation are needed to confirm a new trend. Base-case Scenario: The market has recovered positively and climbed above 1,700 (temporarily escaping the 1,600 - 1,700 sideways range) with improved liquidity, broadening market breadth, and the return of foreign investors. However, the market will face certain resistance as it nears its old peak and may see fluctuations around 1,800 before cash flow improves further following the conclusion of the Party Congress in early 2026. Negative-case Scenario: Downward momentum continues to increase with rising trading volume on the sell side, and no bottom-fishing demand appears around the 1,600 - 1,650 level. In this scenario, the market could continue toward the 1,500 support zone and even lower price ranges for testing. Strategy: Investors should carefully select stocks as the VN-Index score is heavily influenced by the performance of the VIC group. Medium and long-term investors can begin partial disbursements in stock groups with strong business results and attractive discounts, such as Banking, Finance, and Public Investment. Shorter-term investors may look for improved cash flow and price action to select stocks in sectors such as Power/Electricity, Industrial Parks, and Technology.