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The stock market decreases strongly with improved liquidity, showing selling pressure is significantly intensified during the session. However, the VNIndex maintains to close above both the important support level of 1,200-pts and the 50-period moving average. Therefore, investors should hold long positions and wait for the next signal.

The current bullish swing could support the long positions but new long positions for swing trading are not recommended. New positions should be placed if there is the minor correction or the short-term range bound to capture the good risk/reward ratio.

2Q23 PBT surged +75%yoy (to VND1,577bn) thanks to strong income growth from non-NII (+331%yoy), low OPEX (-15.3%yoy) and a constant provision expense (+1%yoy). Meanwhile, NII kept a moderate growth rate of 7% with stable NIM. 2Q23 NPL (2-5 group) and NPL (3-5 group) fell to 6.2% (vs. 1Q23’s 7.4% and 4Q22’s 4.8%) and 3.2% (vs. 1Q23’s 3.3% and 4Q22’s 2.2%) respectively.

The stock market experiences a significant gain's day driven mainly by demand on the large-caps stocks. Moreover, the uptrend is still positive as the VNIndex remains end above the important support level of 1,200 pts. Therefore, investors should hold long positions and wait for the next signal.

The current bullish swing could support the long positions but new long positions for swing trading are not recommended. New positions should be placed if there is the minor correction or the short-term range bound to capture the good risk/reward ratio. Besides, VN30F2308 would be expired on this trading day and new positions could be stalked on the upcoming contract.

On Aug 11th, we tuned in to MWG’s AM presenting the 1H23 performance. In 1H23, MWG reported net revenue of VND56.6tn (-20.1% yoy) and NPAT of VND38.7bn (-98% yoy), fulfilling 42%/1% of the year guidance. TGDD’s revenue slid to VND13.3tn (-29.4% yoy), while DMX’s revenue also fell to VND28.2tn (-25.9% yoy). BHX’s revenue thrived to VND7.3tn (+7.85% yoy, +14.5% qoq) in 2Q23, accumulating to 1H23 VND13.7tn (+6.8% yoy).

This week, the money market observed enduringly low interbank rates for the fifth straight week, with only slight gains seen in the banking system's lending activity. The SBV's continued to keep the OMO inactive for a second consecutive month, resulting from ample liquidity and the government's easing stances. The USDVND exchange rate faces upward strain due to heightened demand for carry trades, driven by prolonged USD-VND negative interest rate gap.

The trading interest has started to spread to all cover warrants which have different underlying assets as well as trading activity also surged across groups. This is the sign for the active market.

The VNIndex displays strong bullish sentiment with a medium-term uptrend, supported by 100- and 200-day moving averages. However, consolidation phase is possible due to high valuation and selling pressure.

In general, outflow across Vietnam’s ETF intensified strongly while demand experienced a substantial decline. In this case, selling pressure may present the next time, however, an expectation that demand will still maintain on some major ETFs in the context that the stock market is showing positive movements.