VN-Index slides for third week as liquidity dries and investors await earnings boost

The VN‑Index fell for a third consecutive week, closing at 1,787.45 points, down 40.89 points from the prior session. Average daily turnover slipped to about VND 17.6 trillion, a 6 % decline, indicating cautious money flow. Foreign investors continued net selling while domestic pressure stemmed from negative news on PNJ, heavy selling of FPT shares, and the expiry of derivative contracts. External factors such as heightened Middle‑East tension around the Strait of Hormuz also weighed on sentiment, though Vietnam’s macro backdrop remains solid with controlled inflation and rising FDI.

Analysts highlight three near‑term drivers: global macro developments (U.S. inflation and oil prices), the upcoming earnings season, and the direction of capital flows. They suggest investors focus on relatively undervalued sectors such as banking, steel and energy, anticipating a possible breakout if a new leading industry emerges.

Valuations have become more attractive, and the Q2 earnings window is expected to create clear differentiation among stocks. Health‑care, consumer, water, insurance and plastics posted the strongest weekly gains, while electricity, finance, telecom and industrial real‑estate lagged. Steel showed mixed signals but noted improving liquidity, with Hòa Phát projected to post a 52 % rise in Q2 net profit.