Vietnam Insight

Market sentiment remains fragile. US stock futures were mixed Friday after a volatile Wall Street session, where the S&P 500 and Nasdaq eked out modest gains while the Dow slipped. Sentiment stayed fragile as oil prices spiked following President Trump’s warning that the Iran conflict could drag on for weeks, despite saying the U.S. was “getting very close” to ending the war. Travel stocks, including airlines and cruise operators, fell under pressure as rising fuel costs squeezed margins. Tech names were uneven: Tesla slid 5.5% on weaker-than-expected deliveries, while Globalstar jumped 13% after a report said Amazon may pursue an acquisition. The S&P 500 posted its first weekly gain since the conflict began, while the Dow and Nasdaq also advanced. Thursday marked the week’s final trading day ahead of the Good Friday holiday, though investors remain focused on the March jobs report due Friday.

Accumulation. VN-Index ended the trading day at 1,694.82 (-8.11 points, -0.48%), trading volume lower than average 20 latest sessions. There were 82 stocks ended in green, 244 ended in red. Stocks that had exerted the most significant downward pressure on the index were VIC, VCB and VPB; whereas VHM, VCK and HPG contributed positively to the index. Foreign net bought VND 3,082 bn, notably VPL (net bought VND4,053bn), while foreign sold strongly VHM (VND803bn).

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.