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The rebound phase is confirmed as well as bullish momentum is active. Thus, traders could open the long positions on leading stocks.

Although VN-Index recovered strongly, the uptrend is not confirmed due to selling pressure at 1,080-1,100 pts. Therefore, investors should be careful and keep their stock positions at a safe level.

Long VN30F2305 after ATO session and stop the loss when there is the closing price below 1,050 pts level (Hourly chart).

In the short term, the VNIndex retests the 1,050-pts threshold. If the index crosses down this support, it will show a bearish trend. Therefore, investors should stand aside and observe the next movements of the market.

Traders should stay on the sidelines in order to avoid false trading signals.

Breweries dragged down F&B’s revenue growth in 1Q23. The beer revenue went down yoy and qoq due to tighten alcohol testing in traffic and weak purchasing power amid an economic slowdown. We expect the consumption of beer and dairy will continue to face the challenge in the 2Q23F However, we expect the gross margins of listed dairy and beer companies to improve continuously qoq in 2Q23F due to enjoying cooling raw material prices.

According to Customs, in Apr, total fertilizer export volume was 131,913 tonnes (-11.5% yoy, +4.2% mom), equivalent to USD48mn (-52.9% yoy, -12.7% mom). Total urea/NPK production in Apr was 153,200/385,500 tonnes (-22.7%/+47.5% yoy, -27.3%/+22.7% mom), respectively. Overall, Apr fertilizer production was 654,200 tonnes (+7.2% mom). +13.1% yoy). The Apr urea domestic market price was trading at around VND9,500/kg (-1.0% mom, -45.7% yoy and -22% YTD).

The VNIndex maintained its uptrend, which is a positive sign for the market. However, the risk is still there and therefore, investors should still carefully consider their investment decisions.

This quarterly earnings report on the Vietnam cement industry is intended to track the earning growth trend in the cement market. We witnessed a slump in earnings in 1Q23. High-cost input was mainly attributed to the negative aggregated profit. We expect to continue to see the weak demand in 2Q23F as construction activities are expected to be impacted by recent economic issues. As for export, we see the q-o-q improvement in the main export market – China, however, not significant. Companies' margins are expected to improve in 2Q23F thanks to lower input cost.

Traders should stay on the sidelines in order to avoid false trading signals.