Vietnam Insight

Awaiting President Trump’s remarks on the war with Iran at 9 a.m. Vietnam time. US stock futures were mixed on Thursday morning after Wall Street’s extended gain Wednesday, as traders awaited President Donald Trump’s remarks on the war with Iran later today. Trump signaled the US would consider a ceasefire “when the Strait of Hormuz is open, free, and clear,” and added that US forces could leave Iran within two to three weeks, sparking a retreat in oil prices. Tech names Western Digital and SanDisk paced S&P 500 gainers, while Boeing and Caterpillar led the Dow. SpaceX confidentially filed for an initial public offering, according to Reuters, sending space stocks higher. Thursday will mark the final session of the shortened week, with markets closed for Good Friday. Investors will watch initial jobless claims for the week ending March 28, while March’s employment report is due Friday morning.

Accumulation. VN-Index ended the trading day at 1,702.93 (+28.44 points, +1.70%), trading volume improved but still lower than average 20 latest sessions. There were 208 stocks ended in green, 103 ended in red. Stocks that had exerted the most significant downward pressure on the index were BSR, SHB and DCM; whereas VIC, VHM and VCB contributed positively to the index. Foreign net sold about VND 900 bn, notably VIC (net sold VND1,248bn), while foreign bought strongly HPG and MSN.

Trading Strategy: Investors may consider gradual accumulation during market pullbacks. However, given that geopolitical risks remain uncertain, we recommend maintaining a moderate equity exposure to effectively manage portfolio risk. At this stage, capital flows are showing a preference for sectors supported by domestic drivers, such as public investment, banking, and construction materials. For the real estate sector, following a period of deep correction, recent sessions have indicated a return of capital inflows. Meanwhile, the securities sector continues to be supported by the market upgrade narrative, sustaining its relative attractiveness to investors.