Foreign Investors Net Sell VND 1,247B on May 4; ACB, FPT, HPG Hit Hardest

Overview

On May 4, the first trading session after the holiday, foreign investors net sold VND 1,247 billion on all three exchanges, with the strongest selling pressure on ACB (VND 340 billion), FPT (VND 314 billion), and HPG (VND 283 billion). The net foreign outflow contributed to a flat VN-Index close at 1,854 points, with HOSE turnover remaining low at VND 21,000 billion.

Key Facts

• Foreign investors net sold VND 1,247 billion on May 4 across HOSE, HNX, and UPCOM.
• On HOSE, net selling reached VND 1,030 billion; ACB was sold most heavily at VND 340 billion.
• FPT and HPG followed with net selling of VND 314 billion and VND 283 billion, respectively.
• On HNX, foreign investors net bought VND 229 billion, led by HUT (VND 220 billion) and PVS (VND 15 billion).
• On UPCOM, net selling was VND 12 billion; SII was sold most at VND 119 billion.
• Top foreign buys on HOSE were POW (VND 101 billion), VRE (VND 85 billion), and MWG (VND 73 billion).
• VN-Index closed at 1,854 points, down 0.04 points, with HOSE turnover of VND 21,000 billion.

What Happened

According to the article, foreign investors turned net sellers on May 4, the first trading session after the holiday, with total net selling of VND 1,247 billion across all three exchanges. The selling was concentrated on HOSE, where net outflows reached VND 1,030 billion. ACB was the most sold stock, with net selling of VND 340 billion, followed by FPT (VND 314 billion) and HPG (VND 283 billion). These three stocks alone accounted for nearly VND 1,000 billion of the net selling.

On the buying side, foreign investors accumulated POW (VND 101 billion), VRE (VND 85 billion), and MWG (VND 73 billion) on HOSE. On HNX, net buying of VND 229 billion was driven by HUT (VND 220 billion) and PVS (VND 15 billion). On UPCOM, net selling was modest at VND 12 billion, with SII seeing the largest outflow of VND 119 billion.

Market Context

ACB (HOSE) closed at VND 24, down 0.62% on April 15, with volume of 6.45 million shares. FPT (HOSE) closed at VND 75, down 1.31%, and HPG (HOSE) closed at VND 28, down 1.75%. The broad market, as measured by VN-Index, edged down 0.04 points to 1,854, with low liquidity of VND 21,000 billion on HOSE. The foreign net selling added to the cautious tone, though the index held relatively steady.

Strategic Significance

The heavy foreign selling in ACB, FPT, and HPG reflects a risk-off stance by international investors, possibly driven by global rate concerns or profit-taking after recent gains. ACB, as a leading private bank, and FPT, a technology bellwether, are typically core holdings for foreign funds; sustained outflows could signal a broader reallocation away from Vietnamese equities. HPG, a steel cyclical, may be affected by commodity price weakness. Conversely, foreign buying in POW (power), VRE (retail real estate), and MWG (retail) suggests selective interest in defensive or recovery plays.

What to Watch

• Daily foreign flow data for the remainder of the week to see if the selling persists or reverses.
• VN-Index support level around 1,850 and whether foreign selling accelerates below that.
• Any macro catalysts (SBV policy, Fed decisions) that could shift foreign investor sentiment.
• Q1 2025 earnings reports for ACB, FPT, and HPG to assess fundamental justification for the selling.
• Foreign room updates for ACB and FPT, as limited room can amplify selling pressure.