Vietnam Insight

The market remains stable but faces profit-taking pressure. US stock futures were little changed on Thursday after the major averages advanced in the previous session as dip buyers returned. Sentiment improved following stronger-than-expected private payroll data and optimism that the US Supreme Court may rule against the Trump administration’s aggressive trade measures. In regular trading on Wednesday, the Dow rose 0.48%, the S&P 500 gained 0.37% and the Nasdaq Composite climbed 0.65%. AI-linked stocks gained some ground after facing pressure from valuation concerns earlier this week, with AMD up 2.5% on upbeat Q3 results, while Micron Technology and Broadcom climbed 8.9% and 2%, respectively. In contrast, SMCI slumped 11.3% after issuing a weak outlook. In extended trading, Snap surged over 14% after announcing a $500 million buyback and strong Q4 guidance, while Arm Holdings rose 3% after beating earnings and revenue estimates.

Trading in a range. VNINDEX closed at 1,654.89 points (+2.91 points, +0.18%) with liquidity lower than the 20-session average. The market had 121 advancing stocks and 190 declining stocks. The stock groups exerting the greatest downward pressure on the market were TCB, FPT, HPG; the groups supporting the market were VIC, GAS, CTG. Foreign investors returned to net selling at a level of 807 billion VND.

Trading Strategy: Investors may consider short-term trades within the 1,600–1,700 range. If the market successfully retests the 1,600 level, investors can also deploy capital for medium- to long-term positions, focusing on stocks with strong momentum — such as those benefiting from an upgrade in market classification, robust earnings growth, or valuations that remain lower than the overall market average.