Vietnam Insight

▶ The market opened cautiously with a slight decrease below the reference point after preliminary information on tariffs with the US and the index quickly returned above the reference level. The index was above the reference level for most of the morning session. However, VN-Index was under strong selling pressure in the afternoon session from domestic investors, although foreign investors had the strongest net buying session since the beginning of the year. 

▶ At the end of the session, VN-Index closed down 2.63 points (-0.19%), to 1,381.96 points; HNX-Index decreased 0.69 points (-0.30%), to 230.93 points. Market liquidity reached a 2-month high of VND 38.7 trillion, equivalent to 1.638 million shares traded. Foreign investors net bought strongly VND 2,276 billion during the session, mostly in SSI, MWG and CTG. On the other hand, GVR, HDC and GAS were the stocks that suffered the most net selling pressure.

▶ Technical perspective: The market recorded a session of fluctuation within a narrow range. The sharp increase in liquidity showed that the selling pressure was relatively large, which showed that the 138x area had increased supply. Currently, the VN-Index is still moving to maintain an upward trend. With the selling state tending to return, the VN-Index may re-accumulate in the near future, the nearest support zone is at EMA20, equivalent to the 1350 - 1360 area.

In the positive case: The market maintains MA50 in the face of short-term profit-taking pressure from the market, along with positive information from tax negotiations from Vietnam. This will open up a positive signal to help investors confidently disburse in the coming time.

In the base case: Vietnam has no new progress on tax agreements, the main trend will still trade sideways waiting for clearer signals from the market.

Strategy: Investors temporarily stop buying new stocks that have increased. Prioritize holding more. If participating in new purchases, you can participate with a low proportion, prioritizing groups that closely follow the MA 20/50/200 support and are in an uptrend. You can prioritize real estate, banking, and energy groups that are in low areas and have an accumulation base.