Recommendations

Highlights: _ In the final week of November, VND interest rates on the interbank market recorded a sharp increase, with both overnight and 1-week tenors reaching 6.5%/year – retesting the highest level since the beginning of the year, previously seen at the end of June. _ The SBV issued an official directive guiding credit institutions to continue supporting individuals and businesses affected by storms and floods in Central Vietnam, ensuring production restoration, stabilizing livelihoods, and promptly processing credit-related documentation. Assessment: Over the past week, aside from the VIC group, other sectors traded sideways within a narrow range, with low liquidity and no signs indicating that a short-term uptrend has returned. In the context of overnight interbank rates rising sharply due to pre–Tet liquidity needs, along with potential increases in funding demand for disaster-relief support, market sentiment is unlikely to improve quickly. We expect that a possible Fed rate cut in December may help lift investor sentiment.   Technical View: The VN-Index closed the week at 1,690 points (+36.06 points; +2.18%) with low liquidity. The market remains within the 1,600–1,700 trading range. However, this week’s gain was driven mainly by the VIC group, meaning the VN-Index has not fully reflected the broader market’s movements. Other sectors continue to trade sideways after the sharp correction since late October.   Investment Idea: Medium- and long-term investors may begin gradual accumulation in sectors showing solid business results and attractive valuations, such as banking, finance, and construction materials. Short-term investors should remain cautious as the market is largely moving sideways; selecting stocks may rely on observing improving price action and money flow, especially in electricity, industrial parks, and technology.  

Dovish developments from the markets. US stock futures held steady on Friday ahead of the final trading session of November, with all three major averages on track to finish the month lower. The Dow and S&P 500 were down slightly by 0.29% and 0.4%, respectively, month-to-date, while the tech-heavy Nasdaq Composite fell 2.15%. A pullback in technology shares pressured Wall Street through November amid worries about stretched AI valuations and uncertainty over the Federal Reserve’s policy path. However, dip buyers stepped in towards the end of the month as soft US economic data and dovish signals from policymakers boosted expectations for additional Fed rate cuts. Markets are now pricing in about an 87% chance of a 25 basis point cut in December, with three more reductions anticipated next year. The stock market was closed on Thursday for Thanksgiving Day and will shut early at 1 p.m. on Friday.   Return to the sideways range of 1,600-1,700. VNINDEX closed at 1,680.36 (+20 points, +1.20%) with liquidity around the average of the last 20 sessions. The market had 79 gainers and 243 losers. The stocks that contributed the most to the indexs increase were VPL, VIC and VPB; the stocks that hindered the market were VJC, VHM and FPT. Foreign investors net bought VND622 billion. SHB and VPB were the most net bought.   Trading Strategy: Investors need to be selective in choosing stocks, as the VNINDEX is being heavily influenced by movements in the VIC group. Medium- and long-term investors can start gradually disbursing into sectors with solid earnings and attractive valuations, such as banking, financial services, and construction materials. Short-term investors can focus on stocks showing improving liquidity and prices, such as utilities, industrial parks, and technology. Buy Recommendation: POW      

▶ The index opened the session with a gap up 5.67 points after the previous sessions increase. Foreign investors net selling momentum has decreased for the second consecutive session. However, domestic investors buying power is weakening and the indexs liquidity has decreased compared to previous sessions.  ▶ At the end of the session, the VN-Index increased by 3.96 points (+0.24%), reaching 1,684.32 points; the HNX-Index decreased slightly by 0.48 points (-0.18%), to 261.43 points. The liquidity of the entire market in the indexs increase session decreased, reaching below the 20-session average, reaching VND22.6 trillion, equivalent to 792 million shares traded. Foreign investors net sold slightly VND11 billion, of which the largest net selling value was VJC, VCB and VIC. On the contrary, POW, TCX and MBB were typical net selling stocks. ▶ Technical perspective: VN-Index traded in a quiet state, mostly sideways with low liquidity. Foreign investors switched to a neutral trading state after the previous strong net buying session. Large-cap stocks returned to their supporting role, helping the index avoid closing in the red. Technical indicators remained almost unchanged from the previous session, as VN-Index continued to maintain above the MA20, MA50 and MA200 lines. RSI remained in the neutral zone, while market spread continued to narrow, reflecting a decline in participation and confidence of cash flow. Buying power remained cautious, and in the context of no new negative factors, selling pressure remained under control, with no signs of panic selling recorded. On the positive side: The market is showing signs of balance around the 1,600 point zone, with liquidity declining sharply across the market and institutional cash flow starting to spread to industry groups with good growth prospects. We believe that VN-Index will trade in a sideways trend (1600-1700) for the rest of 2025, and the cash flow is expected to be stronger after the Party Congress in early 2026. In the negative case: The downtrend continues to increase with trading volume gradually increasing in a downward direction, and there is no bottom-fishing force around the threshold of 1,550-1,580 points. The market may then continue to move towards the support zone of 1,500 and lower price zones for testing. Strategy: Investors following the trading school can observe the market reaction around the 1,650-1,700 zone. If the correction sessions do not cause the index to fall out of the sideways channel, this could be a good opportunity for investors following this school to disburse again. Investors with medium and long-term investment styles can start to disburse part of their investment in stock groups with good business results and attractive discounts such as banking, finance, construction materials, etc.  

US stocks rally for 4th straight session. The S&P 500 added 0.8%, the Nasdaq rose 0.9% and the Dow increased 0.8% extending gains for a fourth straight session on Wednesday as the market pushed into the Thanksgiving week, driven by a sharp repricing of Fed policy that now puts the odds of a 25bp December cut above 80%. Reports that the White House has narrowed its search for the next Fed chair to White House National Economic Council Director Kevin Hassett, a choice investors view as aligned with President Trump’s push for lower rates, reinforced expectations of easier policy and helped fuel another rotation into large cap tech.    Return to the sideways range of 1,600-1,700. VNINDEX closed at 1,680.36 (+20 points, +1.20%) with liquidity around the average of the last 20 sessions. The market had 79 gainers and 243 losers. The stocks that contributed the most to the indexs increase were VPL, VIC and VPB; the stocks that hindered the market were VJC, VHM and FPT. Foreign investors net bought VND622 billion. SHB and VPB were the most net bought.   Trading Strategy: Trading-oriented investors can monitor the markets reaction around the 1,650-1,700 range. If the index does not drop out of the sideway channel during corrective sessions, this could be a good opportunity for this type of investor to re-enter the market. Medium- and long-term investors can begin partially disbursing capital into stocks with strong business results and attractive enough discounts, such as the banking, financial, and construction materials sectors.

▶ The index opened the trading session with a gap up 6.95 points. Foreign investors returned to net buying in todays trading session, helping to reduce the selling pressure that had lasted in the past period. The increase spread well to all industry groups, the VN-Index regained the MA 50 mark and approached the 1,700 point.  ▶ At the end of the trading session, the VN-Index increased by 20.00 points (+1.20%), reaching 1,680.36 points; the HNX-Index increased by 4.61 points (+1.79%), to 261.91 points. The liquidity of the whole market in the correction session improved compared to previous sessions, reaching the average level of 20 sessions, reaching VND 26.7 trillion, equivalent to 880 million shares traded. Foreign investors returned to net buying of VND 623 billion, with the largest net buying value being SHB, VPB and VIX. On the contrary, VCB, VIC and VJC were the typical net sellers. ▶ Technical perspective: VN-Index recorded a positive recovery with average trading range and liquidity, in the context of improved market breadth after the previous adjustment session. Foreign investors returned to net buying, with activities mainly concentrated at the end of the trading session. As mentioned in previous reports, the VN-Index has not yet broken the sideways structure and we maintain our expectation that the index will return to test the upper resistance zone at 1,700–1,750 points. The index closed above the MA20, MA50 and MA200 moving averages, while the RSI remained around the neutral level (around 50), indicating that short-term momentum is still in a balanced state. For the uptrend to become more sustainable, we expect the upward momentum to be combined with improved breadth, accompanied by a gradual improvement in liquidity in the coming sessions. On the positive side: The market is showing signs of balance around the 1,600 point zone, with liquidity declining sharply across the market and institutional cash flow starting to spread to industry groups with good growth prospects. We believe that VN-Index will trade in a sideways trend (1600-1700) for the rest of 2025, and the cash flow is expected to be stronger after the Party Congress in early 2026. In the negative case: The downtrend continues to increase with trading volume gradually increasing in a downward direction, and there is no bottom-fishing force around the threshold of 1,550-1,580 points. The market may then continue to move towards the support zone of 1,500 and lower price zones for testing. Strategy: Investors following the trading school can observe the market reaction around the 1,650-1,700 zone. If the correction sessions do not cause the index to fall out of the sideways channel, this could be a good opportunity for investors following this school to disburse again. Investors with medium and long-term investment styles can start to disburse part of their investment in stock groups with good business results and attractive discounts such as banking, finance, construction materials, etc.