Vietnam Insight

Bond yields and oil prices continue to surge. US stock futures were little changed on Wednesday as investors awaited Nvidia’s latest earnings results for fresh clues on the strength of artificial intelligence-driven demand. Several other major companies are also scheduled to report quarterly earnings, including The TJX Companies, Analog Devices, Lowe’s, Target and Intuit. In regular trading on Tuesday, the S&P 500 and the Nasdaq Composite fell 0.67% and 0.84%, respectively, extending losses for a third consecutive session. The Dow Jones Industrial Average also declined 0.65% to finish at a two-week low. Six of the 11 major S&P sectors closed lower, with materials, communication services, and consumer discretionary stocks leading the declines. The weakness came as Treasury yields climbed amid mounting inflation concerns, with the US 30-year Treasury yield briefly rising above 5.19%, its highest level in nearly 19 years.

Accumulate at the peak. The VN-Index closed the trading session at 1,912.93 points (-15.01 points, -0.78%), with trading volume continuing to improve above the average of the last 20 sessions. There were 90 gainers and 223 losers. Stocks positively impacting the index included VHM, VCB, and VPL; while GAS, BSR, and GVR negatively affected the index. Foreign investors net sold VND 742 billion, mainly focusing on MBB, SSI, and ACB; while strongly net bought VCB.

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