Vietnam Insight

Declines across multiple markets. US stock futures fell on Friday, led lower by a sharp decline in Amazon shares following earnings, as the broader technology selloff deepened. Nasdaq 100 futures slid more than 1%, while S&P 500 and Dow futures were down 0.7% and 0.4%, respectively. In extended trading, Amazon shares tumbled over 10% after the company said it expects to ramp up capital spending to about $200 billion this year, with much of the outlay directed toward AI projects and infrastructure. The guidance disappointed investors already uneasy about the scale and sustainability of massive AI investments. On Thursday, the S&P 500 and Nasdaq Composite fell 1.23% and 1.59%, respectively, with both benchmarks posting a third consecutive session of losses. The Dow also dropped 1.2%. Chipmakers came under pressure after Qualcomm sank 8.5% on a cautious outlook tied to softer memory demand and inventory headwinds. Software stocks also extended declines amid growing concerns that AI could disrupt the sector.

Correction in an uptrend. The VNINDEX closed at 1,782.56 (-8.87 points, -0.50%) with trading volume below the average of the last 20 sessions. The market saw 84 gainers and 254 losers. Stocks significantly impacting the index's correction included VCB, BID, and GAS; while stocks contributing to the index's rise were VIC, VHM, and TCB. Foreign investors net sold VND 1,251 billion, primarily focusing on FPT, VCB, and VHM.

Trading Strategy: Market adjustments present opportunities for investors to increase their positions. We recommend focusing on stocks with strong earnings results and positive growth prospects for 2026 that have not yet seen corresponding price appreciation, such as private banking, retail, securities, and steel.For sectors showing positive momentum, such as state-owned banks and industrial park real estate, investors should be selective and avoid "chasing" prices at current levels.

Buy Recommendation: MBB