Vietnam Insight

▶ The market successfully maintained its upward momentum in the first trading session of the week on September 15, however, liquidity has not shown any improvement. Closing with an increase of more than 17 points, the market is getting closer to the peak set at the beginning of the month. Foreign investors have not stopped their net selling momentum since the beginning of August.

▶ At the end of the trading session, the VN-Index increased by 17.64 points (+1.06%), reaching 1,684.90 points; the HNX-Index increased by 4.18 points (+1.51%), reaching 280.69 points. The liquidity of the whole market is still quite sluggish at 42.4 trillion VND, equivalent to 1.4 billion shares being traded. Foreign investors net-sold 1,319 billion VND, of which the largest net selling value belonged to FPT, HPG and STB. On the contrary, VIX, BID and ACB were the typical net-bought stocks.

▶ Technical perspective: VN-Index opened the first session of the week with a slight green, the increase was concentrated in some large stocks such as HPG, MSN, HVN. Towards the end of the session, the green momentum spread to Mid and Small cap stocks, helping VN-Index close the session with a positive increase of more than 17 points. Market liquidity remained lower than average, market fluctuations were generally modest, showing that market sentiment was relatively cautious when there was an information gap. VN-Index is trading above MA20, 50, showing that the uptrend is still the main trend. We believe that the market in the short term will move within a narrow range of 1,600 - 1,700 points to wait for more updates on the upgrade and Q3/2025 business results. 

In the positive case: Rumors about the market upgrade can help attract new cash flow and move towards 1,750 - 1,800 points. Cash flow increases in the upward direction, the amplitude increases and spreads across the market.

In the negative case: The market faces profit-taking pressure when the upgrade news is announced, the amplitude of the decreasing sessions is large and breaks the short-term support zone of 1,600 points. If this level is broken, the market is likely to retest the 1,500 - 1,550 point zone, corresponding to MA 50.

Strategy: Prioritize the buy-and-hold strategy and be ready to sell when the target is reached. For short-term traders, if the market corrects to around 1,600 points and rebounds, it is possible to consider disbursing a low proportion. If the market returns to the 1,540 point zone, there will be a clearer buying opportunity for medium-term positions, investors can disburse more strongly, focusing on stocks with many driving forces such as benefiting from the upgrade, strong business results growth; or a lower valuation level compared to the general market.