Vietnam Insight

Wall Street mixed amid tech pressure. US stock futures were little changed on Tuesday after the major indexes posted a second consecutive session of losses, pressured mainly by weakness in technology shares. During Monday’s regular session, the S&P 500 and Nasdaq Composite slipped 0.07% and 0.51%, respectively, as a selloff in memory chip makers dragged both benchmarks lower for a second straight day. The decline followed a nearly 7% drop in Seagate shares after CEO Dave Mosley said at a JPMorgan conference that building new factories would “take too long,” fueling concerns the company could struggle to keep up with rapidly rising AI-related demand. Peer Micron Technology also fell around 6%. Investors are now turning their attention to a fresh batch of corporate earnings due Tuesday, including results from Home Depot, Keysight Technologies, and Toll Brothers, while also monitoring April pending home sales data for further insight into the US economy.

Accumulate at the peak. The VN-Index closed the trading session at 1,927.94 points (+6.34 points, +0.33%), with trading volume improving above the average of the last 20 sessions. 135 stocks rose, while 178 declined. Stocks positively impacting the index included VCB, BID, and GAS; while VIC, VHM, and MWG negatively affected the index. Foreign investors net sold VND 610 billion, mainly focusing on ACB, HPG, and VHH; while strongly net bought VCB and VNM.

Trading Strategy: At this stage, investors may consider focusing on stocks with sideways accumulation price structures and strong earnings growth, rather than concentrating solely on fluctuations of the VN-Index (which has been heavily influenced by the VIC group). Based on our observations, many stocks in sectors such as real estate, banking, construction materials, retail and securities have exhibited accumulation price patterns, improving business performance, and are suitable for investors to accumulate ahead of Q2 and Q3/2026 earnings results.

Current trading portfolio: VGC, PDR, VPB, FOX

Watchlist: HPG,  KDH, HDB