* Fed holds rates steady; outlook for September cut dims

* PVD: Q2 NPAT-MI up 71% YoY on robust well-related services, one-off gain; slight upside potential evident - Earnings Flash & AM Note

* VIC: Chairman’s grants continue; hospitality EBIT turns profitable in Q2 - Earnings Flash & Analyst Meeting Note

* ACV: Solid top-line performance, but FX losses compress bottom line - Earnings Flash

* BID: Solid headline earnings but asset quality remains challenged - Earnings Flash

* BVH: Life premium growth recovery continues; lower technical reserve expenses improve underwriting margin - Earnings Flash

* CTG: Robust earnings growth driven by lower provision expenses – Earnings Flash 

* DGW: H1 2025 NPAT-MI increases 22% YoY, in line with forecasts – Earnings Flash

* GAS: Provisions write-back supports NPAT growth despite sales volume/FO price declines; slight upside potential evident – Earnings Flash

* GVR: Strong rubber segment performance, net other income from tree liquidation lead H1 2025 earnings growth – Earnings Flash 

* HDG: Additional LUR fee, FX loss weigh on Q2 NPAT while positive developments seen in Infra 1 – Earnings Flash

* HPG: Q2 2025 NPAT-MI surges 27% QoQ, 28% YoY; in line with expectations – Earnings Flash

* HSG: Q2 core earnings improve QoQ from Q1’s loss, yet remain weak YoY – Earnings Flash

* HVN: GPM-driven earnings beat expectations; recapitalization to strengthen balance sheet - Earnings Flash

* NKG: Q2 core earnings plunge 50% QoQ, 93% YoY; weaker than expected – Earnings Flash

* PHR: Resilient rubber ASP drives earnings growth in H1 2025 – Earnings Flash

* PLX: Q2 NPAT-MI reaches record high of past three years on market share expansion despite volatile oil prices; upside evident – Earnings Flash

* POW: Substantially high committed Qc ratio outweighs FX losses, boosting Q2 LNST – Earnings Flash

* STB: Strong Q2 earnings growth in line with expectations; continued improvement in operational efficiency - Earnings Flash

* TLG: Sharp QoQ export recovery; domestic GPM hits record high - Earnings Flash

* TPB: Strong credit growth driven by both retail, corporate clients – Earnings Flash 

* TV2: Q2 NPAT-MI plunges 43% YoY, trails forecast – Earnings Flash

* VEA: H1 earnings rise 5% YoY on Toyota, Ford sales momentum – Earnings Flash 

* VJC: Revenue holds steady with margins improving - Earnings Flash

* VTP: Delivery business leads 16% YoY earnings growth in H1 2025 – Earnings Flash

* Vietnam Industrial Parks Sector Update - Tariff developments to reinforce IP land sales growth forecast

* GMD: H2 2025 growth to moderate; medium-term outlook improves - Update

* Market wrap: VN-Index edges down 0.3%

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Market wrap: VN-Index edges down 0.3%

The VN-Index edged down 0.3% (-5.1 pts) on Thursday to close the trading day at 1,502.5. Large-cap stocks led the market’s decline. Across the index, there were 148 gainers, 150 laggards, and 49 unchanged stocks. Total trading volume increased from the previous trading day to USD1.7bn. 

* Banks VCB (-1.2%), BID (-0.7%), CTG (-0.7%), TCB (-1.5%), and HDB (-0.8%) dropped, while VPB (+2.2%) and STB (+1.3%) surged. ACB and LPB were unchanged. 

* Financial services performed well, as SSI (+0.9%), VIX (+6.6%), VND (+1.8%), VCI (+2.7%), and HCM (+1.2%) posted strong gains.  

* In real estate, VIC (-3.7%) and VHM (-1.6%) plunged and BCM (+3.9%), KBC (+6.8%), and DXG (+2.6%) jumped.  

* Notable laggards from other sectors included steelmaker HPG (-1.8%), tech company FPT (-1.9%), milk producer VNM (-2.7%), hospitality company VPL (-3.1%), and retailer MWG (-2.7%).

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