Recommendations

▶ The index opened the trading session with a gap up of 7.21 points, continuing the correction trend of the previous session. The downward pressure from Vingroup stocks weighed heavily on the market, with the index falling below the important resistance level of 1,900. Foreign investors resumed strong net selling after a previous session of reduced net selling. The market experienced a correction with low liquidity at its historical peak. ▶ At the close of trading, the VN-Index closed down 16.34 points (-0.85%), at 1,896.89 points; the HNX-Index increased 3.04 points (+1.16%), reaching 264.37 points. Market liquidity during the correction session decreased sharply compared to previous sessions and was below the 20-day average, at 23.3 trillion VND, corresponding to 751.4 million shares traded. Foreign investors resumed strong net selling of VND 1,685 billion today, with the largest net selling value in VIC, FPT, and MBB. Conversely, VPB, VCB, and LPB were the stocks with the most net buying. ▶ Technical perspective: After the previous volatile session, the VN-Index mostly declined slightly with low liquidity, and foreign investors returned to net selling. Market breadth was relatively balanced, and Vingroup-related stocks did not contribute positively to the index on the derivatives expiration day as usual. The VN-Index continued to consolidate around the peak within the 1,850–1,950 point range, with recent capital flows concentrated in the financial sector. In the past, during breakouts near peaks, the financial sector often played a leading role, setting the stage for the subsequent trend of the entire market. Improved liquidity, a decisive upward move, and wider spread of capital flows will be important factors to confirm the possibility of a successful breakout. Technically, the VN-Index closed above both the MA20 and MA50, although it briefly fell below the MA20 during the session. The RSI continued to cool down to around 59p, indicating that momentum has somewhat weakened after the recent rally. In the underlying scenario: The ceasefire agreement improved investor sentiment, but the two sides have not yet reached an agreement to completely end the conflict. The lack of catalysts is keeping the VN-Index sideways around its previous peak of 1,850-1,950 points. However, we believe that if geopolitical news supports a sharp drop in oil prices, capital will quickly return to the market. In a negative scenario: Prolonged disruptions in the Strait of Hormuz could further tighten global oil supply, keeping oil prices high for an extended period. This scenario increases the risk of stagflation (high inflation coupled with low economic growth). Historically, such environments are unfavorable for the stock market and could lead to a deeper correction in the VN-Index. If the market continues to decisively lose the 1,580 support level, accompanied by weak recovery sessions, the downtrend could be further strengthened. Strategy: During this period, investors can focus on selecting stocks with sideways consolidation price structures and strong business growth results, rather than solely focusing on the fluctuations of the VN-Index (which has risen recently due to the significant impact of the VIC group). Based on our observations, many stocks in sectors such as real estate, banking, construction materials, and securities have consolidation price structures, improving business results, and are suitable for investors to invest in anticipation of Q2 and Q3 2026 earnings.  

Global equities rally on hopes of renewed US-Iran negotiations. 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 1,913.23 points (+0.30 points, +0.02%), with trading volume improving above the average of the last 20 sessions. 79 stocks rose, while 239 declined. Stocks positively impacting the index included VIC, VHM, and GAS; while CTG, HDB, and MBB negatively affected the index. Foreign investors net sold 4 billion VND, mainly focusing on MBB and ACB; while strongly net bought VCB, FPT, and VIC.   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.   Buy Recommendation: PC1; Sell Recommendation: FOX VPB Current trading portfolio: VGC, PDR, VPB, FOX Watchlist: HPG, KDH, HDB        

▶ The index opened the trading session with a gap down of 5.83 points, continuing the correction from the previous session. Selling pressure weighed heavily on real estate and banking stocks, causing the index to drop by more than 30 points at one point. Thanks to support from foreign investors in the afternoon session, the index recovered impressively and closed above the reference level. The market had its highest trading volume of the month. ▶ At the close of trading, the VN-Index closed slightly higher by 0.30 points (+0.02%), reaching 1,913.23 points; the HNX-Index increased by 1.83 points (+0.71%), reaching 261.33 points. Market liquidity in the recovery session increased sharply compared to previous sessions due to significant profit-taking pressure in the morning. Liquidity was above the 20-day average, at 34.3 trillion VND, corresponding to 1,370.1 million shares traded. Foreign investors continued to net sell slightly, with a net selling value of 4 billion VND today, with the largest net selling values in MBB, ACB, and VNM. Conversely, VCB, VIC, and FPT were the stocks that saw net buying. ▶ Technical Perspective: A sharp sell-off during the session as the VN-Index approached its historical peak attracted foreign capital back into the market, with net selling value narrowing significantly from over 666 billion VND at the end of the morning session to just over 4 billion VND at the close. At one point, the VN-Index fell by more than 50 points, testing the 1,850 point level, where bottom-buying demand reappeared as many stocks returned to valuation levels similar to the early stages of the US-Iran trade war. Strong demand quickly helped the index recover to near its opening price, thus forming a long-legged candlestick at the end of the session. The current developments are still consistent with our base scenario, as the market continues to consolidate in the 1,850–1,950 point range and awaits the emergence of a leading sector to create momentum for the next trend. Technically, the VN-Index closed above both the MA20 and MA50, although it briefly fell below the MA20 during the session. The RSI has cooled down to around 64, indicating that the upward momentum has somewhat subsided after the recent surge. Liquidity has improved significantly, reflecting more active participation from investors and a renewed sense of trading activity. In the base scenario: The ceasefire agreement has improved investor sentiment, but the two sides have yet to reach a definitive end to the conflict. The lack of catalysts keeps the VN-Index sideways around its previous peak of 1,850-1,950 points. However, we believe that if favorable geopolitical news leads to a sharp drop in oil prices, capital will quickly return to the market. In the downside scenario: Prolonged disruptions in the Strait of Hormuz could further tighten global oil supply, keeping oil prices high for an extended period. This scenario increases the risk of stagflation (high inflation coupled with low economic growth). Historically, such environments are often unfavorable for the stock market and could lead to a deeper correction in the VN-Index. If the market continues to decisively lose the 1,580 support level, accompanied by weak recovery sessions, the downtrend could be further strengthened. Strategy: During this period, investors can focus on selecting stocks with sideways consolidation price structures and strong business growth results, rather than solely focusing on the VN-Indexs fluctuations (recent gains are largely driven by the VIC group). In our observation, many stocks in sectors such as real estate, banking, construction materials, and securities have consolidation price structures, improving business results, and are suitable for investors to invest in anticipation of Q2 and Q3 2026 earnings.  

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

▶ The index opened the trading week with a gap up of 5.07 points, continuing the recovery from the previous session. Profit-taking pressure on Vingroup stocks continued to weigh on the index in the morning session, but selling pressure eased in the afternoon and the index recovered. Selling pressure on state-owned stocks curbed the markets recovery. State-owned stocks faced strong selling pressure during the meeting on restructuring state capital in joint-stock companies, especially oil and gas stocks. The index continued to experience significant net selling pressure from foreign investors. ▶ At the close of trading, the VN-Index closed down 15.01 points (-0.78%), at 1,912.93 points; the HNX-Index increased 0.25 points (+0.10%), reaching 259.50 points. Market liquidity in the correction session increased sharply compared to previous sessions due to significant profit-taking pressure, exceeding the 20-day average at VND 34.7 trillion, corresponding to 1,140.8 million shares traded. Foreign investors continued to net sell VND 742 billion today, with the largest net selling values in MBB, SSI, and ACB. Conversely, VCB, VIC, and GEX were the stocks that saw net buying. ▶ Technical Perspective: Liquidity has improved, but market breadth remains a drawback. The upward momentum is selectively concentrated in a few securities and banking stocks, while the majority of the market is under pressure to correct. We observe increased capital flow in the financial sector, however, this group has not yet shown its leading role. To form a clearer breakout, market breadth needs to improve, and liquidity must spread to other accumulating stock groups such as banking, securities, real estate, and construction materials, etc. Technically, the VN-Index is currently still in the accumulation phase in the 1,850–1,950 point range, maintaining above the MA50 line with narrowing ATR and relatively low liquidity. Except for the VIC-related stock group which has seen a strong recovery, most stocks with strong fundamentals are still in a wait-and-see state and continue to form consolidation bases. The market is currently awaiting a sufficiently strong catalyst and the emergence of a leading group of stocks to initiate the next upward trend. In the base scenario: The ceasefire agreement has improved investor sentiment, but the two sides have not yet reached an agreement to completely end the conflict. The lack of a catalyst keeps the VN-Index sideways around its previous peak of 1,850-1,950 points. However, we believe that if favorable geopolitical news leads to a sharp drop in oil prices, capital will quickly return to the market. In the negative scenario: Prolonged disruptions in the Strait of Hormuz could further tighten global oil supply, keeping oil prices high for an extended period. This scenario increases the risk of stagflation (high inflation coupled with low economic growth). Historically, such environments are often unfavorable for the stock market and could lead to a deeper correction in the VN-Index. If the market continues to decisively lose the 1,580 support level, accompanied by weak recovery sessions, the downtrend could be further strengthened. Strategy: During this period, investors can focus on selecting stocks with sideways consolidation price structures and strong business growth results, rather than solely focusing on the VN-Indexs fluctuations (recent gains are largely driven by the VIC group). In our observation, many stocks in sectors such as real estate, banking, construction materials, and securities have consolidation price structures, improving business results, and are suitable for investors to invest in anticipation of Q2 and Q3 2026 earnings.