Vietnam Insight

US labor data came in stronger than expected. The S&P 500 rose 0.8% to close at 7,399 on Friday, while the Nasdaq Composite gained 1.7% to 26,247, with both indexes hitting fresh highs. The Dow Jones Industrial Average edged up 12 points to 49,609. Sentiment was supported by stronger-than-expected US labor data, as nonfarm payrolls increased by 115,000 in April, beating forecasts, while the unemployment rate held at 4.3%. Investors also monitored renewed clashes between the US and Iran in the Strait of Hormuz, though President Donald Trump said the ceasefire remained intact. Markets continued to await Tehran’s response to a US proposal aimed at ending the conflict. Meanwhile, optimism around AI spending boosted technology shares, with Micron Technology and Sandisk surging sharply. All three major indexes ended the week higher, supported by strong corporate earnings and continued strength in tech stocks. The Nasdaq rose 4.5% and the S&P 500 added 2.3%, marking a sixth straight winning week and the longest winning streak since 2024

Uptrend. The VN-Index closed the trading session at 1,915.37 points (+6.36 points, +0.33%), with trading volume exceeding the average of the previous 20 sessions. There were 97 gainers and 213 decliners. The stocks contributing positively to the index were VIC, BID, and VHM, while VJC, MWG, and GAS weighed on the market. Foreign investors recorded a net sell value of VND 904 billion, mainly concentrated in FPT and VHM.

Trading Strategy: Investors should avoid aggressively chasing overheated stocks amid still-limited market breadth. For medium-term positioning, the focus should remain on low-base stocks with strong Q1 earnings growth, including banks with high credit growth quotas and multiple positive catalysts, undervalued real estate stocks, steel, retail, and related sectors.

New buy recommendation: VPB

Current trading portfolio: MBB, PDR

Watchlist: HPG, NLG, KDH, HDB