News supporting banks and the macro came out successively this month (GDP, IP, Retail sales all at 3-year highs). The trade surplus is also a nice +USD1bn, March inflation is at its lowest since 2009 and the State Bank cut rates. However, talks of peaking margin lending weighed on the VNI, with many retail investors taking profit towards the month’s end. Average liquidity improves 19% on the HSX and 40% on the HNX. All eyes now on the AGM season which should end late April.