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

The VNIndex closes above the 1,050-pts threshold, showing bullish signals. However, the downside risk is still intact. Hence, traders should be careful.

After the long holiday, the VNIndex still shows a bearish market due to closing below the 50-period moving average and 1,050-pts threshold. That means the downside risk is still intact. Hence, traders should be careful and reduce long positions.

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

We initiate Neutral rating on Cement industry. In 2023F, despite the reverse of 2022 negative factors, we still see some challenges for the industry amid high-borrowing rate environment and issues related to real estate developers and bond markets. Besides, the demand of global and main export markets are forecasted to be flat in 2023F. Along with it, the new tax rate on clinker export would hinder the revival of export channel. China re-opening is supposed to be a good catalyst for Vietnam cement producers, however, we still have HOLD ratings on HT1 and BCC as we see the market prices are fully reflected the revival outlook of these companies.

Selling pressure has started to slow down but still faded the foreign demand, pushing the market to end up to be net sold. Net sell value was USD0.8mn. With ETF flow, outflow has come back to Vietnam. Net outflow was USD18mn, a yearly high. There is still not a good sign for the stable inflow and outflow could be active in upcoming weeks.

The VNIndex still shows a bearish market in the short term due to closing below the 50-period moving average. That means the downside risk is still intact. Hence, traders should be careful and reduce long positions.

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

Last week, trading volume dropped, recording at 40.4mn shares, down 20% WoW. By underlying asset, covered warrants which have HPG as the underlying asset continued to attract the most of trading interest from both domestic and foreign investors.

According to the GSO estimate, in Apr, the total agriculture export value was more than USD2.1bn (-2.9% mom, +23.8% yoy). Rice surpassed coffee to be the highest value exported product with USD574mn (+20% mom, +110% yoy), and it accounted for 27% of total agriculture export turnover (+5%p mom). Vegetables exporting benefits from China’s reopening policy, showed in the value increase of 30% yoy in 1Q23. China is preferring official quota to non-official quota border trade, thus putting pressure on improving vegetable quality.