Dear valued customers, please find attached the Strategic Report for June 2024

•       VN-Index rebounds with +4.32% in May to 1,261.72, maintaining long-term uptrend channel since 2000. Small-Cap and Mid-Cap Stocks Outperform Large Caps, attracting investor interest. Telecommunication stocks (32.3% MoM) continued to be top-performing sector, followed by Tourism and Entertainment (+23.8% MoM), Insurance (+13.5% MoM), Oil and Gas (+18.5% MoM), while Banking (+0.2% MoM) and Real Estate (+2.9% MoM) were the two least performing sectors.

•       Liquidity increased slightly by 2.66% in May 2024, trading volume on Upcom surging +93.43% MoM, on HOSE +0.48% MoM, and on HNX -4.68% MoM. Individual investors continued to net buy strongly at VND 19,926.50 billion in May, bringing the total net buy value for the first 5 months of 2024 to a record VND 40,363.39 billion. The number of securities accounts increased by +19.1% MoM, +26% YoY, with a total of 645,699 new accounts added in the first 5 months of 2024 (+141% YoY).

•       Foreign investors had their largest net selling month in the history of the Vietnamese stock market. In May, foreign investors net sold VND 19,017 billion on all three exchanges, of which VND 15,591.41 billion was on HOSE. The net selling value has reached VND 35,883 billion YTD (approximately USD 1.44 billion) and amounted to VND 58,700 billion from the beginning of 2023. ETF flows increased net selling in Vietnam to USD 94 million (+34.2% MoM), led by DCVFM VNDiamond (-USD 52.5 million), Fubon (-USD 32.8 million), and VN30 (-USD 22.1 million). Since the beginning of the year, net outflows from Vietnam have increased to USD 479 million, the most negative in the region.

•       Economy Continues to Recover in May. Inflation showed signs of slowing down together with improved credit growth and domestic gold prices cooled down towards the end of the month, but exchange rate pressure remained.

•      The VN-Index is forecasted to continue the accumulation in the range of 1,200 - 1,300 in June and has not yet shown the potential to form a real uptrend.

•     Recommended Stock Portfolio still remains at 16 Stocks. The most positive stock in the portfolio in May was DCM (+22.3%), PVT (+21.5%), GVR (+17.2%), while the least positive stock in the portfolio was PNJ (-1.16%), GMD (-0.48%).