Vietnam Insight

US Futures fall on Iran uncertainty. US stock futures edged lower on Thursday as investors continued to monitor developments in the Middle East amid heightened uncertainty over efforts to end the Iran war. The White House maintained that talks are ongoing, with the Trump administration reportedly sending a 15-point proposal to Iran via Pakistan aimed at resolving the conflict. Top Iranian authorities are reviewing the US plan but signaled no intention of entering talks with Washington. Tehran said it would reject a US ceasefire offer, instead countering with a five-point proposal that includes sovereign control over the Strait of Hormuz. In regular trading on Wednesday, the Dow rose 0.66%, the S&P 500 gained 0.54%, and the Nasdaq Composite advanced 0.77%, supported by a pullback in oil prices on hopes for a diplomatic resolution to the conflict. Investors now turn to the latest weekly jobless claims data on Thursday for fresh signals on labor market conditions.

Short-term correction. VN-Index ended the trading day at 1,658.19 (+43.42 points, +2.69%), trading volume lower than average 20 latest sessions. There were 276 stocks ended in green, 60 ended in red. Stocks that had exerted the most significant downward pressure on the index were VIC, VHM and VPB; whereas SAB, VCK and LPB contributed positively to the index. Foreign net sold VND 1,005 bn, notably FUEVFVND and VCB, while foreign bought strongly MWG and VHM.

Trading Strategy: Investors may consider accumulating positions gradually during market pullbacks. However, given the ongoing uncertainty surrounding geopolitical developments, we recommend maintaining a moderate equity exposure to manage risk. In the current environment, sectors driven by domestic factors—such as public investment, banking, and construction materials—may be prioritized. At the same time, market declines triggered by cross-margin calls could present opportunities to accumulate stocks at attractive valuations.