Vietnam Insight

Global equities rebounded strongly. US stock futures edged lower on Wednesday, pausing after a strong Wall Street rally in the prior session driven by hopes of easing tensions in the Middle East. President Trump said he believes the Iran conflict may not last “much longer” and that the Strait of Hormuz would reopen “automatically” once US forces withdraw. However, Iran’s Foreign Minister Abbas Araghchi pushed back, stating Tehran is not seeking a ceasefire but a full end to the war, including guarantees against future attacks and compensation for damages, highlighting ongoing uncertainty. On the data front, US house prices rose 0.1% mom in January, with annual gains remaining subdued. Among stocks, Nvidia jumped over 5.6% after unveiling a USD 2 billion investment in Marvell Technology to expand AI infrastructure via NVLink Fusion. Meanwhile, Microsoft, despite a 3.1% rebound Tuesday, logged its worst quarterly performance since the 2008 financial crisis, with shares down 23% for Q1.

Accumulation. The VN-Index rose by 11.95 points (+0.72%) to 1,674.49 points. Market liquidity continued to decline sharply, remaining below the 20-session average. Foreign investors maintained net selling of VND 850 billion in today’s session, with the largest net selling values in FUEVFNVD and BSR. Stocks contributing to the market’s gains included VIC, MBB, and VPB, while BSR, GAS, and GVR weighed on the market’s decline.

Trading Strategy: Investors may consider accumulating positions gradually during market pullbacks. However, given the ongoing geopolitical uncertainty, we recommend maintaining a moderate equity allocation to manage risk. During this period, investors may prioritize sectors that benefit from domestic drivers, such as public investment, banking, and construction materials. At the same time, sell-offs driven by cross-margin call pressure may present attractive buying opportunities.