Stock market week 17-21/2: VN-Index still unable to break through the 1,280 resistance level.

VN-Index needs more internal support; A female CEO of a securities company resigns after 2 months; Banks lead to improved business results in 2024; Dividend payment schedule.

VN-Index has yet to break through.

Last week, the market experienced significant volatility, with the VN-Index starting with a sharp correction before quickly recovering by the end of the week. The index rebounded by 0.07%, reaching 1,276.08 points, heading towards the strong resistance zone of 1,280 - 1,300 points, marking its fourth consecutive week of gains.

Market breadth was quite positive across most sectors, notably mining, rubber, telecommunications, textiles, and oil and gas. Conversely, the Information Technology and consumer services sectors experienced significant corrections.

The VN-Index lacked strong upward momentum before reaching the 1,280-1,300 point range (Image: SSI iBoard)

Market liquidity was fairly good, with a 4.8% increase in trading volume compared to the previous week, but it didn't really surge, indicating that cautious sentiment still dominated the market.

Foreign investors continued their net selling trend, with a value of VND 1,842 billion last week.

The VN-Index is currently in a consolidation phase around the 1,280-1,300 point range. It still needs a stronger impetus to break through, so reaching this level indicates the market needs a period of consolidation before a breakout.

The Vietnamese stock market is likely to qualify for an upgrade in March.

According to the February 2025 strategic report by Rong Viet Securities (VDSC), Vietnam is highly likely to be assessed as eligible for an upgrade under the FTSE in the March review, given its market reform efforts.

The bright spot comes from the 2025 business plans and the Q1 2025 earnings stories of listed companies. In the first quarter, the estimated after-tax profit of the VN-Index could reach a growth rate of 7% compared to the same period last year. However, the growth rate has slowed down somewhat as the low base effect has subsided.

The bank leads in profits on the stock exchange.

According to an updated report from An Binh Securities (ABS), as of February 7, 2025, almost all listed companies had published their Q4 2024 and full-year 2024 financial reports, totaling 1,088 out of 1,660 companies.

Business growth remains positive, with clear differentiation among some sectors. Total after-tax profit for the entire market in 2024 is projected to reach VND 502,860 billion (approximately USD 20.7 billion), a 19.4% increase compared to 2023.

In the fourth quarter of 2024 alone, total after-tax profit reached VND 138,158 billion, an increase of 28.1% compared to the same period. Of this, the financial sector maintained its growth momentum, generating VND 66,537 billion in after-tax profit in the last quarter of 2024, an increase of 15.9% compared to the same period.

The banking sector led the overall market performance (Illustrative image: Internet)

Notably, the banking sector maintained its leading position , contributing VND 62,512 billion in profit in Q4 2024, a 17.3% increase compared to the same period last year. For the full year 2024, this group generated VND 235,951 billion in profit, a 16.5% increase, accounting for half of the total market share.

Equally noteworthy, the non-financial sector recorded strong growth with VND 71,622 billion in profits in Q4 2024, up 42.1% year-on-year, and VND 248,172 billion for the whole year, up 22.8%. However, differentiation emerged within the sectors.

Typically, the retail sector continued its strong performance with a 356.2% increase in after-tax profit in Q4 2024, reaching VND 1,379 billion; the full-year increase was 461.8%, reaching VND 5,471 billion. The real estate sector increased by 75.6% in Q4 2024, reaching VND 18,697 billion; the full-year figure reached over VND 58,100 billion, remaining flat compared to 2023. In addition, technology and services - tourism also performed well.

Conversely, some sectors witnessed a decline in profits, such as: Oil and gas, down 5.5% in the fourth quarter and down 11.9% for the whole year; Chemicals, down 16.6% in the fourth quarter, reflecting weakening market demand...

In 2025, the banking and finance sector is projected to maintain its strong position thanks to stable credit growth. The real estate and retail sectors will benefit from market support policies, while the information technology sector has positive prospects due to the digital transformation trend.

However, the oil and gas, chemical, and tourism sectors remain challenged amidst global economic volatility. The pace of public investment disbursement, interest rates, and consumer demand will be key factors shaping the market in the coming year.

The female CEO of DVSC Securities resigned after 2 months.

On February 14th, Ms. Nguyen Thi Ha submitted her resignation from the position of General Director of Dai Viet Securities (DVSC) for personal reasons, just over two months after taking office.

Portrait of Ms. Nguyen Thi Ha (Photo: Internet)

Previously, Ms. Ha started working at DVSC in January 2024 as Deputy General Director. In September, she was appointed Acting General Director for a maximum term of 3 months, replacing Mr. Diep Tri Minh after his resignation.

Ms. Ha has many years of experience in the financial sector. Specifically, in 2008, she joined Tan Viet Securities (TVSI) in the Investment Banking Services Division and served as the Head of the Supervisory Board of TVSI for the term 2018-2023.

In terms of business operations, DVSC reported losses for two consecutive quarters in 2024. However, at the end of 2024, the company still recorded a net profit of nearly 11 billion VND, an increase of nearly 40% compared to 2023.

Assessment and recommendations

Ms. Pham Anh Tuyet, Investment Consultant at Mirae Asset Securities , assessed that the VN-Index continues to fluctuate in the 1,260 - 1,280 point range, approaching the resistance level of 1,280 - 1,300 points. Liquidity shows signs of improvement but has not yet truly exploded, indicating that cautious sentiment still dominates the market. Therefore, for the VN-Index to surpass the 1,300 point mark, further impetus from macroeconomic factors or stronger participation from domestic capital flows is needed.

Regarding macroeconomic information, inflationary pressure is increasing, mainly due to rising food and housing prices, narrowing the room for monetary policy adjustments. The State Bank of Vietnam can maintain a stable policy but is unlikely to loosen it as aggressively as last year, which affects market liquidity and credit growth.

Investors should pay attention to macroeconomic information, avoid chasing prices, and gradually disburse funds during corrections.

Investors need to closely monitor macroeconomic factors to adjust their strategies. Additionally, priority should be given to the banking sector and public investment, two areas currently benefiting from economic policies and smart money flows.

The banking group, including CTG (VietinBank, HOSE), TCB (Techcombank, HOSE), VPB (VPBank, HOSE), and STB ( Sacombank , HOSE), is performing well due to its stable liquidity foundation and growing credit demand.

Public investment in stocks like HHV (Deo Ca Transport Infrastructure Investment, HOSE), PLC (Petrolimex Petrochemical, HNX), and CII (Ho Chi Minh City Technical Infrastructure Investment, HOSE) continues to be supported by strong budget disbursement.

During this period, avoid chasing high prices and prioritize partial disbursements during market corrections. Closely monitor cash flow, liquidity, and foreign trading activity to adjust portfolios flexibly. When the market confirms a breakout trend, holding stocks in the right sectors will help investors optimize profits.

ASEAN Securities assessment, Last week, the market faced strong downward pressure following President Donald Trump's announcement of a 25% tariff on steel and aluminum, negatively impacting the stock market. However, sentiment gradually stabilized in subsequent sessions. The market is likely to continue its recovery trend, although fluctuations may occur as the index hovers around the resistance zone of 1,270 - 1,280 points.

Investors should consider gradually allocating funds to large-cap stocks with strong fundamentals and positive business prospects, and have sufficient cash ready to establish secure positions when market liquidity is drying up and valuations are very attractive.

KB Securities stated, The positive aspect of the VN-Index is that the gains are still being preserved, with green spreading across all stock groups, and the buying sentiment shows high proactiveness as many stocks are pushed to their upper limits. Although more volatility may appear at resistance levels, the index is expected to soon regain its upward momentum with its current state.

Dividend payment schedule this week

According to statistics, three companies finalized dividend payments during the week of February 17-21, all in cash.

The highest percentage was 54%, and the lowest was 12%.

Cash dividend payment schedule

* Ex-dividend date: This is the trading day on which a buyer, upon establishing ownership of the shares, will no longer be entitled to related rights such as the right to receive dividends or the right to subscribe to newly issued shares, but will still retain the right to attend the shareholders' meeting.

Code	Floor	Ex-dividend date	TH Day	Proportion
PMC	HNX	February 18th	February 28th	54%
EPH	UPCOM	February 18th	May 27th	12%
HGM	HNX	February 19th	March 20th	30%

Source: https://phunuvietnam.vn/chung-khoan-tuan-17-21-2-vn-index-van-chua-the-but-pha-truoc-vung-tich-luy-1280-20250217092838675.htm