BSC_Daily report 13.01.2015_Large-cap stocks continually lead the market_NKG Update

Foreigners have been remaining their leading role as net buyers of blue-chips such as BID, GAS, MWG or VCB; this has helped the general market keep its green color. As mentioned in the previous reports, in the past 4 years, the ETFs have often made their strong buying in Q1, and the current positive premium shows that the ETFs will continue to buy in the future. Technically, 580 is still strong resistance when the VN-Index has not convincingly broken through this level. The short-term profit-taking pressure will continue to increase if the market rallies. However, we believe the correction, if any, will not last long due to the positive performance from foreign investors and expectation on Q4 earnings. Therefore, decline will be good opportunities to accumulate fundamental shares for medium and long-term.

Recommendation We maintain our investment view:

• Short-term investment: Sell at resistance and buy at corrections.

• Mid and long term: Maintain the current portfolio, increasing the proportion of stocks at corrections, especially the stock available in the ETFs’ portfolio.