Vietnam Insight

Market movements depend on the negotiations. US stock futures rose on Friday, recovering some losses from the previous session after President Donald Trump extended the deadline to strike Iranian energy infrastructure by 10 days amid ongoing negotiations with Tehran. Trump also said Iran had allowed 10 oil tankers to pass through the Strait of Hormuz this week as a “present” to the US. Meanwhile, Iran confirmed it had rejected the US’ 15-point plan to end the war and submitted its own conditions, including recognition of Tehran’s authority over Hormuz. In regular trading on Thursday, the Dow fell 1.01%, the S&P 500 dropped 1.74%, and the Nasdaq Composite tumbled 2.38%, with technology stocks leading the decline as Treasury yields rallied. A sharp surge in energy prices and persistent geopolitical tensions also heightened stagflation concerns.

Short-term correction. VN-Index ended the trading day at 1,644.63 (-13.56 points, -0.82%), trading volume lower than average 20 latest sessions. There were 123 stocks ended in green, 207 ended in red. Stocks that had exerted the most significant downward pressure on the index were VHM, GAS and FPT; whereas VIC, GEE and DCM contributed positively to the index. Foreign net sold VND 746 bn, notably FUEVFVND and FPT, while foreign bought strongly MWG and DCM.

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.