BSC Radar | 18.08 – 22.08: Assessment of the two new indices: VN50 growth and VNMITECH announced by HOSE

GLOBAL STOCK MARKET
Upward momentum in the U.S. equity market despite mixed CPI data
After two consecutive record-setting sessions fueled by expectations of a Fed rate cut on softer CPI data, the U.S. stock market stalled with only the S&P 500 edging higher. Producer Price Index (PPI) rose 0.9% in July, weighing on market sentiment. Other markets moved marginally as investors awaited the Trump–Putin meeting on August 15.
U.S. equities rose 1.3% on average as of August 15; EU600 +1.5%, Nikkei 225 +3.7%, CSI 300 +2.4%.
Commodity index +0.5%, led by Lithium +15.3% and agricultural products (Soybeans +4.6%, Coffee +6.1%, Oranges +10.6%), while Gold -1.7% and Natural Gas -4.2%.
DXY -0.3% at 98, U.S. 10Y Treasury yield +0.01% at 4.29%.
U.S. CPI for July increased 2.7%, below the 2.8% forecast. Housing costs rose 0.2%, contributing most of the CPI gain. Food prices were unchanged while energy fell 1.1%; transportation services and healthcare rose 0.8%. With labor market data weakening and CPI showing positive signs, investors expect the Fed to cut rates in September 2025. The PPI release on Thursday clouded the inflation outlook with a 3.3% increase versus expectations. Still, FedWatch data indicates investors are pricing in a 92% probability of a 0.25% rate cut to 4.00%–4.25% in September.
Key macro data next week: CPI from Canada, UK, EU; China’s 1Y and 5Y loan prime rates; PMI from UK, EU, U.S.; New Zealand rate decision and monetary policy minutes; U.S. jobless claims; FOMC minutes.

VIETNAM STOCK MARKET
Pullback after nine straight sessions of gains, VN-Index continues to attract liquidity
VN-Index reached a new record high, up 2.8% with trading value increasing 1%. Market liquidity remained elevated, averaging USD 2bn per session on HOSE. End-week profit-taking pressure emerged but did not alter the broader uptrend as capital rotated actively into large caps and across sectors.
Banking stocks were the main drivers, with 6/7 bank tickers in the VN30 group contributing 55% of the index’s weekly gain.
12/18 sectors advanced, led by Insurance, Banking, and Financials (+5% to +16%), while Retail reversed after strong gains last week (-2.26%).
Foreign investors maintained heavy net selling of USD 302mn, compared with USD 478mn last week, bringing total net outflows since the start of the month to USD 863mn.
In 2025, 250 projects are scheduled for completion or groundbreaking, including 89 completions and 161 new starts, with total investment capital of VND 1.28mn bn. State-funded projects account for 37%, the remainder from other capital sources, including 5 FDI projects. Major infrastructure developments such as 3,000 km of expressways and Long Thanh International Airport Phase 1 are expected to be operational by year-end. The Ministry of Construction estimates these projects will contribute over 18% to GDP in 2025 and over 20% in subsequent years. State capital projects will provide the strategic infrastructure backbone and catalyze private investment.
The overall trend remains strong despite the late-week correction. Investors maintain high portfolio allocations for medium-term positions, while actively rotating part of the portfolio in short-term trades following sectoral money flows.