Vietnam Insight

US grants Iran a 60-day license to sell oil globally. US stock futures edged lower on Tuesday after Wall Street opened the week on a weak note, weighed down by sharp losses in technology shares. During Monday's regular session, the S&P 500 and Nasdaq Composite declined 0.37% and 1.32%, respectively, while the Dow Jones added 0.29%. Major tech stocks led the downturn, with Alphabet falling 5%, Microsoft losing 3.2%, Amazon dropping 4.8%, Broadcom sliding 4.7%, and Meta Platforms shedding 2.3%. SpaceX also sank 16.4%, marking its third consecutive losing session after unveiling a new bond offering. Meanwhile, Micron jumped 6.8% after announcing a strategic partnership with Anthropic. On the geopolitical front, the US granted Iran a 60-day license to sell oil on global markets, boosting expectations for a faster recovery in crude supply.

Accumulating ahead of a breakout. The VN-Index closed at 1,857.91 points, gaining 33.38 points (+1.83%), while trading volume remained below the 20-session average. Market breadth was negative, with 133 advancing stocks versus 183 declining stocks. The main positive contributors to the index were VIC, VHM, and BID, whereas VCB, GVR, and STB exerted the largest downward pressure on the benchmark. Foreign investors recorded a net sell value of VND 176 billion, primarily driven by net selling in FPT and VNM.

Trading Strategy: Investors may focus on stocks with sideways consolidation patterns and strong earnings growth rather than concentrating solely on VN-Index fluctuations for medium-term positioning. In the short term, opportunities may emerge in heavily sold off stocks showing signs of recovery, such as insurance, technology, and real estate sectors. Investors should limit the use of margin when the trend is not clearly defined during this period.

Current portfolio: MBB; CTD

Watchlist: HPG, KDH, SSI, Real estate stocks (PDR, NLG, DXG).