Vietnam Insight

S&P 500 extends losing streak before Jackson Hole. The S&P 500 closed 0.4% lower on Thursday, marking its fifth consecutive decline as investors looked ahead to Fed Chair Jerome Powell’s speech at Jackson Hole. The Dow Jones slipped 153 points, while the Nasdaq 100 dropped 0.5% amid continued pressure on major tech stocks. Walmart dragged on sentiment, tumbling 4.5% after missing quarterly earnings expectations for the first time since 2022, despite lifting its full-year sales and profit outlook. Weakness across other retailers added to concerns about consumer resilience in the face of higher tariffs and uneven spending

Maintain the uptrend. The VN-Index closed at 1,688.0 (+23.61 points, +1.42%) with high liquidity. The market recorded 118 gainers and 214 decliners. The stocks contributing the most to the market’s advance were VPB and BID, while VIX and GVR weighed on the index. Foreign investors net sold around VND 2,416 billion, mainly focused on VPB

Trading Strategy: The priority strategy is to hold positions and be ready to sell when targets are reached. If the market corrects to the 1,500–1,570 range, investors may consider partial disbursements into stocks with strong earnings and those benefiting from the market-upgrade expectation. However, if institutional inflows do not return at the 1,500–1,570 range, investors should reduce equity exposure to manage risk. We still expect the industrial real estate and retail sectors to offer good buying opportunities as their prices have not risen too much compared to the broader market, while a corrective phase is expected to open new buying opportunities in the securities sector