Recommendations

Mr. Trump could appoint a new Fed Chair as early as this week. US stock futures were little changed on Tuesday after major benchmarks posted solid gains to start a busy week dominated by the Federal Reserve’s policy decision and earnings from big technology firms. In Monday’s regular session, the Dow advanced 0.64%, the S&P 500 rose 0.5%, and the Nasdaq Composite gained 0.43%. Attention is now turning to Wednesday’s Fed announcement amid speculation that President Donald Trump could name a new Fed Chair as early as this week. On the corporate front, several mega cap technology companies are set to report results, including Apple, Microsoft, Meta Platforms, Tesla and IBM. Elsewhere, shares of major health insurers tumbled in extended trading after the Centers for Medicare & Medicaid Services proposed a modest net average 0.09% increase in payments to Medicare Advantage plans for 2027. UnitedHealth, Humana and CVS Health fell between 8% and 13%.   Correction in an uptrend. The VNINDEX closed at 1,843.72 (-27.07 points, -1.45%) with slightly improved liquidity, reaching the average level of the last 20 sessions. The market saw 73 gainers and 264 losers. The stocks contributing most to the indexs rise were GAS, BID, and VCB; the stocks contributing most to the indexs decline were VIC, VHM, and VJC. Foreign investors net bought VND 123 billion, focusing on BID, VNM, and VCI.   Trading Strategy: Market corrections often open up opportunities for investors to increase their positions. We recommend focusing on stocks with strong financial results and positive growth prospects for 2026 that have not yet seen a corresponding price increase, such as those in the banking, retail, and securities sectors.. Buy Recommendation: CTD          

▶ The index opened the trading session with a 6.02-point gap up on the first day of the week. The market was affected by negative information related to inspections of businesses, leading to strong selling pressure in the afternoon with high liquidity, and the index fell below 1,850. Foreign investors continued to stop strong net selling in todays trading session. ▶ At the close of trading, the VN-Index decreased by 27.07 points (-1.45%), to 1,843.72 points; the HNX-Index decreased by 5.66 points (-2.24%), to 247.30 points. Market liquidity increased again during the index correction, above the 20-day average, reaching 34.8 trillion VND, corresponding to 1,254 million shares traded. Foreign investors halted their net selling trend and made slight net purchases of 123 billion VND today, with the largest net purchases in BID, VNM, and VCI. Conversely, VCB, DGC, and MWG were the stocks with the most net selling. ▶ Technical Perspective: Negative rumors have put pressure on some specific stocks (notably VCG and ACV), causing the VN-Index to close in the red. However, the overall market picture remains fairly stable; there are currently no signs of widespread sell-offs across other sectors. The indexs volatility remains within normal limits with average liquidity. This suggests a technical correction rather than a structural change in price. The Relative Strength Index (RSI) continues to cool down to a neutral level (around 54), helping to alleviate the previous excessive bullish pressure. This development is entirely within our base scenario, indicating that the market is retesting the sideways consolidation zone around 1,800 points. The current correction is considered a healthy accumulation phase. If demand increases strongly around the 1,800 – 1,850 point range, this will be an extremely positive signal for long-term buy positions. From a statistical perspective, we monitor the percentage of stocks trading above the 50-day moving average (EMA50) as an indicator to identify the market bottom. Historically, the VN-Index usually confirms a bottom when this percentage fluctuates between 30% and 40% and peaks around 60-70%. With the current figure above 47%, the data shows that there is still room for growth for most stocks.  

Welcoming the new week with plenty of economic updates. US stock futures edged lower on Monday as investors positioned for a pivotal week dominated by Federal Reserve policy signals and a heavy slate of corporate earnings. More than 90 S&P 500 companies are set to report quarterly results, including major technology names such as Apple, Microsoft, Meta Platforms, Tesla and IBM. The Fed is widely expected to keep interest rates unchanged at its upcoming meeting, with markets focused on forward guidance for indications on the timing of the next rate cut. On the macro front, investors will assess a busy run of data releases, including US durable goods orders, producer prices, exports and imports, and house price figures. Market volatility intensified last week after President Donald Trump briefly threatened several European countries with new tariffs as part of a bid to take over Greenland, before later reversing course following a framework agreement toward a future deal.   Liquidity is expected to improve, maintaining the upward trend. VNINDEX closed at 1,870.79 (-11.94 points, -0.63%) with trading volume falling below the average of the last 20 sessions. The market saw 238 gainers and 92 losers. The stocks contributing most to the indexs rise were VIC, VHM, and VJC; the stocks contributing most to the indexs decline were VCB, GAS, and BID. Foreign investors net sold VND 200 billion, focusing on VCB, VHM, and CTG.   Trading Strategy: Market corrections often open up opportunities for investors to increase their positions. We recommend focusing on stocks with strong financial results and positive growth prospects for 2026 that have not yet seen a corresponding price increase, such as those in the banking, retail, and securities sectors..          

Highlights: Afternoon of 20/01/2026: Vietnam’s Ministry of Finance officially announced new administrative procedures for crypto assets, implementing Government Resolution No. 05/2025/NQ-CP on piloting the crypto-asset market. 21/01: President Trump unexpectedly stated that a framework agreement on Greenland had been reached, and he withdrew the previous threat. Afternoon of 23/01: At the National Convention Center (Hanoi), the 14th National Congress of the Communist Party of Vietnam concluded successfully. Mr. Tô Lâm was re-elected as General Secretary of the 14th Party Central Committee.   Assessment: A series of domestic and global developments have contributed to a more cautious investor stance. This is reflected in early signs of liquidity declining near the peak, while stocks that previously benefited from state divestment-related news have started to face profit-taking pressure. We believe that over the next few weeks, private-sector companies with solid fundamentals will attract more attention from capital flows, especially as many firms begin releasing their FY2025 financial statements.   Technical view: The VN-Index closed the week at 1,870.79 points (-8.34 points; -0.44%) with slightly lower liquidity. Foreign investors were net sellers this week. The broader trend remains upward.A reference support zone is around 1,810 points, which aligns with the 20-day moving average (MA20) and the former resistance area.   Investment ideas: Short-term investors may consider taking profits in stocks that have surged on state divestment-related news. Investors may also consider selectively adding exposure to the securities and steel sectors, as these groups remain attractive. For medium- to long-term positioning, fundamentally strong and undervalued real estate stocks are also worth considering.

▶ The index opened the trading session with a sharp gain of 11.94 points after the previous correction. Foreign investors continued their strong net selling trend during the session, putting pressure on the indexs recovery. The market correction continued as the index returned to its new historical peak of 1,900 and faced continuous net selling pressure from foreign investors. State-owned stocks continued to experience strong selling pressure during todays trading session. ▶ At the close of trading, the VN-Index fell 11.94 points (-0.63%) to 1,870.79 points; the HNX-Index fell 5.47 points (-2.12%) to 252.96 points. Market liquidity decreased sharply during the index correction, falling below the 20-day average, reaching 32.3 trillion VND, corresponding to 1,060 million shares traded. Foreign investors continued their net selling trend with a net selling of 200 billion VND today, with the largest net selling value in VCB, VHM, and CTG. Conversely, STB, TCX, and PLX were the stocks with net buying. ▶ Technical perspective: Profit-taking pressure continued to appear in the SOEs, oil and gas, and stocks that have risen sharply recently. However, the market as a whole remained relatively stable, with no unusual liquidity, indicating that capital was only being taken for profit in certain stocks and there were no signs of widespread selling. The market is currently still in an uptrend, with improved liquidity compared to the end of 2025. We expect that after profit-taking, capital will shift to sectors and stocks that have been accumulating over time. In the context of the ongoing 14th National Congress of the Communist Party of Vietnam, market liquidity tends to slow down as investors maintain a cautious attitude and prioritize observation. With the 14th National Congress of the Communist Party of Vietnam officially closing on January 23, 2026, we expect liquidity to improve somewhat in the following trading weeks. According to historical data from previous congresses, when policy directions become clear, market sentiment usually loosens, thereby creating momentum for a new upward trend. From a statistical perspective, we track the percentage of stocks trading above their 50-day moving average (EMA50) as an indicator to identify market bottoms. Historically, the VN-Index typically confirms a bottom when this percentage fluctuates between 30% and 40%, and peaks around 60-70%. With the current figure above 48%, the data suggests there is still room for growth for most stocks.