BSC Radar | 27.10 – 31.10: Results of the VNDiamond and VNFINSELECT Index Portfolio Review for Q4/2025

GLOBAL STOCK MARKETS
Investor sentiment eased, technology sector with positive earnings results boosted index gains
The White House’s announcement of a U.S.–China leaders’ meeting on October 30 eased market sentiment, which had been the main reason for downward pressure on October 22. Eighty percent of companies in the S&P 500 reported earnings above expectations. Technology stocks with positive business results continued to support the market after a midweek decline.
- U.S. stock indices rose on average +1.2% as of October 24, EU600 +1.3%, Nikkei 225 +3.5%, and CSI 300 +3.2%.
- The commodity index increased +3.8%, driven by rising energy prices (oil +8.2%, gas +11%) after President Trump imposed sanctions on Russia’s two largest oil companies; and agricultural products (cocoa +8.4%, coffee +4.2%), while precious metals reversed after a strong week (gold -4.7%, silver -7.8%).
- The DXY index rose +0.6% to 99, while the U.S. 10-year Treasury yield remained at 4.01%.
U.S.–China trade tensions increased ahead of the meeting on the sidelines of APEC on October 30. The U.S. is considering restricting exports of products containing American software, from laptops to aircraft engines. This move gradually materializes President Trump’s declaration to impose 100% tariffs on Chinese goods, along with new export controls on any critical software effective November 1. Although instability risks are increasing, the market remains cautious about the feasibility of implementing this statement and tends to view it as a pressure tactic that the U.S. President often uses before negotiations. In addition to the leaders’ meeting, the Federal Reserve’s monetary policy meeting next week also draws investor attention.
Durable goods orders, U.S. confidence index; China PMI; CPI of Australia, Japan, and the EU; interest rate decisions and monetary policy reports of Canada, Japan, and the UK; interest rate decision and FOMC minutes are the key pieces of information to watch next week.

VIETNAM STOCK MARKET
VN-Index continued to correct as key sectors declined sharply
The VN-Index fell 2.8% accompanied by an 8% decrease in liquidity. The market lost support from the leading banking stocks, while foreign investors continued to sell and cautious sentiment weighed on the market, causing a decline despite relatively positive Q3 earnings results.
- Market breadth remained negative, with 69% of stocks declining. VIC extended its 7-week winning streak, contributing 13 points, along with gains in FPT after several days of decline. However, banking stocks fell across the board, preventing the index from holding the psychological threshold of 1,700 points.
- 12 out of 18 sectors declined. Financial services and media sectors dropped 6–9%, while the technology sector moved in the opposite direction, rising 10.13%.
- Foreign investors extended their net selling streak, with USD 162 million sold this week compared to USD 187 million last week, bringing total net outflows in October to USD 738 million.
As of October 24, 551 out of 1,666 listed companies (33%) across the three exchanges recorded net profit growth in both Q3 and 9M YoY, at +57.6% and +41.6%, respectively. 15% of companies reported losses in Q3, and 25% posted negative growth. VPB, VIX, KSF, GEE, and MWG led in terms of absolute profit improvement. Within the VN30 basket, 5 out of 30 stocks grew 35% QoQ, while 8 out of 27 banks rose 34.1% QoQ. Although Q3 earnings results were generally positive, VN30 and banking stocks showed weaker profit improvements compared to the broader market. The Q3 earnings season is expected to conclude next week, with aggregate earnings likely up more than 20% for four consecutive quarters, thereby improving the overall market valuation.
As the Q3 earnings season wraps up next week, a strong divergence among stock groups is expected. Investors should consider reducing holdings during market rallies and buying back on pullbacks.