In May, the market moved close to our expected range as investors traded on expectations of another SBV interest rate cut to be implemented. After this information materialized, investor sentiment was somewhat more positive with liquidity continuously improved. Notably, money flow still had a high concentration in the group of mid cap and small cap stocks, and still "ignored" the large cap group as seen in most of the time since the beginning of the year. As a result, the primary movement of the market - sideways in the range of 1010 to 1080 - still not really changed until the end of May.

The positive point for the market in the coming time is that cash flow has shown signs of returning to the market in the context that the ceiling interest rate for short-term deposits has continuously adjusted down over the past three months. However, considering that large cap stocks are more or less out of favor of the market due to concerns about internal factors of most of these businesses have not really recovered clearly in this Q2 based on leading indicators of macro, we do not expect that the market can go much further in terms of points this month. A bull market is still waiting for the "sufficient conditions" from signals that show that the domestic economy really "absorbs" monetary and fiscal policies that have been supportive recently, combined with a more positive outlook from global macro. Therefore, we expect VN Index to fluctuate in the range of 1.060-1.120 in June.

We still maintain the view that the market is still favorable for T+ buying and selling transactions, but it is not a good time to "all in". And therefore, June will be an opportunity to restructure the portfolio, especially for investors who have accidentally being "long-term investors ". On the background of sluggish economic growth in Q1 2023, the story of recovery from the profit trough will be interesting when enterprises enter the last month of the business in the Q2 2023. Companies have passed through the low area in Q1 and still have a good profit in Q2 2023, typically in some sectors such as Power (HND, QTP), Banking (ACB, MBB), Textiles (STK), Oil and Gas (PVD) or Aviation (ACV).