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Long VN30F2304 after ATO session and stop the loss when there is the closing price below 1,050 pts level. (Hourly chart)

Last week, trading volume remained near the previous week, recording at 57mn shares. However, trading value remained at high level, recording at VND54bn due to the active rebound phase across the major market. 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.

TNG posted a positive Mar performance with revenue of VND561bn (+35.8% yoy, +50% mom). Nonetheless, the rosy Mar could not save 1Q23. Specifically, 1Q23 revenue came in at VND1,333bn (+6% yoy but -12% qoq). Therefore, the company fulfilled 18% of its 2023F planned revenue in 1Q23. The 1Q23 revenue growth is largely attributable to the US market.

Based on the third losing session, the VNIndex shows downside risks. Notably, the index closes below the 10-period moving average. That means the signals lose consensus. Hence, traders should be careful if the market still shows negative signals.

Based on the second losing session, the VNIndex shows downside risks in the short term. The signals lose consensus. Hence, traders should be careful if the market still shows negative signals.

Long VN30F2304 after ATO session and stop the loss when there is the closing price below 1,050 pts level. (Hourly chart)

The VNIndex needs more bullish signals to confirm the uptrend because the signals lose consensus.

Average daily trading value (ADTV) kept dropping to VND11,332bn (-18.3% qoq, -63.7% yoy) in 1Q23. The quarterly number of new accounts in 1Q23 marked the lowest since 1Q21 with 140,024 new accounts opening (-50.7% qoq, -79.3% yoy). VPS ranked 1st position in the HSX’s brokerage with 15.67% market share, +0.86%p qoq in 1Q23. This was also the highest market share in company history. The runner up was SSI with 11.53%, +1.57%p qoq.

The money market this week continued to incorporate SBV’s recent pivot in monetary stance. Funding costs for interbank loans remain relatively low under the modest growth in the first lending market. More notably, the second round of rate cuts came out after depressing economic release for the first quarter with a focus on lowering deposit rates. In this way, the monetary authority could facilitate commercial banks to reduce lending rates in the first market. Despite a stronger pivot signal, the FX market reacts mildly, providing SBV confidence to follow policies to support economic growth. Therefore, we predict that interest rates in the money market to remain low for the next few weeks

After the VNIndex rises for the ninth consecutive gaining session, the VNIndex shows an uptrend in the short term. Therefore, traders may open small long positions. However, the selling pressure appears at a high level of around 1,100-pts. Therefore, traders should be careful if the market shows negative.