Stock market week 23-27/3: VN-Index remains flat, with a slight increase in the short term.

VN-Index corrects after two months of net gains; Banks expected to grow; Shareholders continue to sell shares heavily; Dividend payment schedule.

VN-Index corrects after two consecutive months of gains.

The past week saw a clear divergence between trading sessions. Although the week started with positive gains, increasing selling pressure in subsequent sessions caused the index to fluctuate within a narrow range and face downward pressure.

Thus, the VN-Index experienced its second consecutive week of small declines, falling by 0.32%, while trading volume also decreased by 10.5% compared to the previous week. This indicates a slowdown in the upward trend. While trading volume fell to its lowest level since the beginning of the month, it still remained above the 20-week average by 42.2%.

The market was volatile, with 11 sectors declining compared to 10 that rose, putting significant pressure on the market and trading sentiment last week. These sectors included: Consumer Food (-6.55%), Aviation (-2.16%), Steel (-1.73%), Chemicals (-1.72%),...

Conversely, sectors that bucked the trend and experienced corrections last week included: Plastics (+2.61%), Seaports (+2.41%), Industrial Real Estate (+1.18%),...

Foreign investors had their strongest net selling week since the beginning of February, with a transaction value of VND 3,993 billion on the HOSE exchange. The focus was on large-cap stocks such as:FPT (FPT, HOSE) with VND 1,937 billion, TPB (TPBank, HOSE) with VND 262 billion, SSI (SSI Securities, HOSE) with VND 246 billion,...

Highlighting key stock buying opportunities in April.

According to analysts, the upward trend of the main index is slowing down, but only in the short term, and there is still plenty of room for growth this year. Investors may consider taking advantage of the opportunity to hold promising stocks.

Specifically, the technology sector is always expected to experience strong growth as demand for digital transformation, technology, and AI has boomed since the COVID-19 period, as evidenced by FPT shares (FPT, HOSE). Therefore, despite facing strong net selling pressure, there is still room for price appreciation, but this will largely depend on whether FPT's business plan is truly feasible, and this will be assessed by the market at the upcoming Annual General Meeting.

Additionally, the focus stocks for the coming month will revolve around key market drivers , such as:

(1) Profits of listed companies maintained positive growth in Q1/2025;

(2) A stable macroeconomic environment with low interest rates, exchange rate pressure and inflation under control;

(3) Expectation of upgrading Vietnam's stock market after FTSE review. Priority will be given to selecting leading companies with sound financial foundations and positive profit growth prospects in Q1 and the whole year of 2025.

The banking sector is expected to experience strong growth in 2025.

Over the past year, credit growth has been positive, increasing by +15.09% year-on-year.

In addition, most banks reduced their outstanding balances on investments in corporate bonds amidst a still sluggish corporate bond market. Several banks led the credit growth in the sector, including HDB ( HDBank , HOSE), MBB (MBBank, HOSE), TCB (Techcombank, HOSE), VIB (VIB, HOSE), LPB (LPBank, HOSE), TPB (TPBank, HOSE), etc.

The bank is expected to experience strong growth thanks to increased lending.

In addition, in 2024, the non-performing loan ratio is expected to decrease in the fourth quarter of 2024.

Therefore, banks with a solid foundation and strong participation in government policy programs will receive higher credit allocation limits in 2025, amidst recovering credit demand.

The group of bank stocks with good profit growth potential will include state-owned commercial banks: BID (BIDV, HOSE), CTG (VietinBank, HOSE), VCB (Vietcombank, HOSE) and large private commercial banks with higher credit growth, good control of net interest margins and good asset quality.

However, risks remain, stemming from a slower-than-expected economic recovery, a sharp resurgence of bad debt, corporate bond defaults, and changes in monetary policy, all of which pose potential risks that could negatively impact industry growth.

Assessment and recommendations

Mr. Nguyen Nhat Tan, Investment Consultant at Mirae Asset Securities, predicts that the main trend of the VN-Index in the near future will likely be sideways to slightly upward, within the range of 1,300 – 1,340 points. Simultaneously, thanks to the strength of domestic cash flow and positive macroeconomic news (Q1 business results, shareholder meetings, policies, etc.), the VN-Index is likely to avoid a sharp decline, maintaining a higher price level compared to the end of 2024.

The VN-Index is in a sideways correction phase or a slight increase in the short term, around the 1,300 - 1,340 point range.

Overall, the short-term market outlook is positive with some correction. The VN-Index is more likely to consolidate sideways before rising further than a sharp reversal. Fundamental factors (earnings, policies) are supportive, but technical factors suggest more time is needed to consolidate momentum.

Investors should prepare for both scenarios: optimistic but not complacent, while also managing risk for unforeseen negative situations.

He recommended that investors maintain a balanced stock portfolio , avoid using high financial leverage during periods of market volatility and before clear breakout signals; wait for corrections (1,300-1,315 points) to gradually disburse funds, instead of chasing high prices during rapid rallies; select stocks with solid fundamentals; be prepared to take partial profits if the VN-Index surpasses 1,340-1,350 points; and prioritize risk management principles.

Industries that should be considered benefit from the low interest rate environment and monetary policies supporting credit growth, as well as from the government's demand-stimulating policies aimed at achieving this year's GDP targets.

Specifically:

Banks include MBB (MBBank, HOSE), HDB (HDBank, HOSE), and CTG (VietinBank, HOSE).

Construction (public investment) with VCG (Vinaconex, HOSE), VLB Bien Hoa Construction, UPCoM), CTI (IDICO, HOSE), CTD (Cotecoons, HOSE), REE (REE Refrigeration, HOSE);

Aviation and Tourism with ACV (Vietnam Airlines, UPCoM), HVN (Vietnam Airlines, HOSE), VJC (VietJet Air, HOSE), SGN (SAGS, HOSE);

Real estate with AGG (An Gia Real Estate, HOSE), PDR (Phat Dat Real Estate, HOSE), HDC (HODECO, HOSE), DPG (Dat Phuong Group, HOSE).

TPS Securities assesses that, in a positive scenario, the market this week could end its correction phase and head towards the 1,340 point level, or even higher at 1,360 points. Conversely, if the correction pressure continues, the VN-Index could retest the support levels of 1,315 points or 1,300 points.

TPS believes the Vietnamese stock market will maintain positive stability in the medium and long term, and assesses the current corrections as healthy.

ASEAN Securities advises investors to remain cautious and maintain a certain amount of cash ready to be deployed when the market corrects, taking advantage of strong long-term growth potential.

Dividend payment schedule this week

According to statistics, 10 companies finalized dividend payments during the week of March 23-27, of which 8 paid in cash, 1 paid in shares, and 1 issued additional shares.

The highest percentage is 50%, the lowest is 6%.

One company pays in shares:

Song Da Cao Cuong Joint Stock Company (SCL, UPCoM) has its ex-dividend date on March 25th, with a dividend rate of 20%.

One company issued additional shares:

Chuong Duong Joint Stock Company (CDC, HOSE) , the ex-dividend date is March 28th, with a dividend rate of 50%.

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
TPH	HNX	March 24th	May 23	6%
SD9	HNX	March 24th	April 18th	10%
CHP	HOSE	March 24th	April 10th	10%
VTC	HNX	March 24th	April 24th	7%
ADC	HNX	March 26	May 15th	15%
DNT	UPCOM	March 26	April 21	6%
CCM	UPCOM	March 28	May 22nd	20%
HJS	HNX	March 28	April 11th	10%