•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
After the holidays on 30/4–1/5, the stock market is entering a phase expected to show stronger sector differentiation, rather than money spreading evenly across the board. With the VN-Index having risen significantly beforehand, investors are asking which stock groups money will favor when returning.
Nguyen Duc Khang, Head of Equity Analysis at Pinetree Securities, said that after the holiday the flow of funds is unlikely to be broad. Instead, investors are expected to conduct a selective “hunt for value,” filtering more carefully between sectors and individual stocks.
Khang noted that the group of blue-chip stocks that has led the index may need a pause. After a strong rally, many large-cap names have moved to higher price levels, reducing near-term upside. He expects this group to move sideways or accumulate to absorb profit-taking pressure, rather than continue to pull the index as in the previous phase.
Money could shift more toward mid-cap stocks. Khang assessed that mid-caps are of a manageable size and do not require enormous funds to create price breakthroughs. He highlighted companies with unique catalysts such as divestment, restructuring, M&A, expansion of operations, or a positive profit outlook as potential focal points for funds.
“In a liquidity-constrained environment, mid-caps with solid stories will be a more ideal destination. This is where funds can seek better performance than chasing the big names that have already surged,” Khang said.
Khang also pointed to the rise of non-financial stocks. He said 1Q business data shows profit growth among manufacturing, export, and service sectors standing out more than in financials such as banks and securities. This could become a “valley” where investors hunt for stocks with solid fundamentals, clear profit outlooks, and valuations that remain reasonable.
Despite the differentiated outlook, Khang cautioned that not every mid-cap or non-financial stock will rise. In a differentiated market, the strategy should not be to buy on momentum. Investors should selectively choose firms with real growth stories, improving earnings, and cash flow that can convince the market.
Looking further into the second half of 2026, Khang said geopolitical risks remain present and international market volatility could affect investor sentiment. In that context, attempting to forecast exactly where the VN-Index will move up or down by points is a high-risk effort that provides little practical value for decision-making.
According to the Pinetree expert, the overall index may no longer fully reflect the health of an investment portfolio. The VN-Index remains heavily influenced by a few large-cap stocks, especially those tied to the Vin family. After the rally, this group sits at high valuations, and the room for explosive growth similar to 2025 is not easy, particularly as global markets remain unpredictable.
He warned investors to avoid a “green on the outside, red on the inside” situation: the index may move sideways or rise slightly due to a few pillar stocks, while many other stocks on the market could weaken. Overreliance on VN-Index forecasts can also create psychological biases and lead to poor buy/sell decisions.
For strategy, Khang suggested returning to core values rather than relying on a “boom-and-bust” approach that worked during uniform market upswings.
He said firms with stable cash flow, low debt, clear competitive advantages, and sustained earnings growth are better positioned to ride through volatility. These stocks may build upward momentum over the medium to long term even if the overall index meanders.
In short, the second half of 2026 may not be the right time to bet heavily on the index trend. Instead, investors should consider trimming the portfolio, selecting companies with solid fundamentals, applying tight risk management, and maintaining patience for meaningful opportunities that are not yet fully priced in.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
