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The VNIndex adjusted during the session, reflecting investors' cautious sentiment. Notably, the index is currently testing the 50-period moving average. Therefore, investors should stand aside and observe the market's further fluctuations.

Due to the favorable risk/reward ratio, traders could open the long positions after ATO session. Long VN30F2306 after ATO session and stop the loss when there is the closing price below 1,050 pts level (Hourly chart).

The money market witnessed another uneventful week with minimal fluctuations in interbank rates, G-bond yields, and the USDVND exchange rate. Although this week marked the beginning of a wave of T-bill maturities, the overnight (ON) interbank rate experienced a slight decline. Banks tend to refrain from reinvesting the maturing T-bills, leading to soft liquidity pressure in the upcoming weeks. Turning to the FX market, the exchange rate remained steady, supported by a strong trade surplus despite a notable recovery in DXY. The stability in the FX market will provide SBV with room to implement future easing measures.

The VNIndex recovered and closed above the 50-period moving average showing that this is still a good signal. However, more signals are needed to confirm the market's trend. Therefore, investors should still carefully consider their investment decisions.

The strong increase in demand from foreign investors brought the market into a state of being net bought. Net buy value was USD33mn. With ETF flow, outflow was active. Net outflow was USD5mn. There is still not a good sign for the stable inflow and outflow could be active in upcoming weeks.

Last week, trading volume increased, staying above 4-week average, recording at 60mn shares, up 20% WoW. By underlying asset, covered warrants which have STB as the underlying asset continued to attract the most of trading interest from both domestic and foreign investors.

Long VN30F2306 after ATO session and stop the loss when there is the closing price below 1,050 pts level (Hourly chart).

This quarterly earnings report on Vietnam banking is intended to track the earning growth based on financial statements. The 1Q23 recorded some anomalies when aggregated NPAT of the listed 27 banks was almost unchanged at -4.4%yoy in 1Q23 vs +17.9%yoy in 4Q22 and +31%yoy in 1Q22. Most of the banks saw 1Q23 credit growth slowness and corporate bond balance slump. There are no clear signals for strong credit demand recovery amid the economic downtrend. However, 2Q23 NIM will slightly improve qoq thanks to a decrease in funding cost in 2Q23.

Long VN30F2306 after ATO session and stop the loss when there is the closing price below 1,050 pts level (Hourly chart).

The market slowed down but increased liquidity and the VNIndex closes above the 50-period moving average showing that this is not necessarily a bad signal. Accordingly, more signals are still needed to confirm the market's trend. Therefore, investors should still carefully consider their investment decisions.