Foreign Net Selling Hits 7th Session; ACB, FPT, HPG Lead Outflows

Overview

Foreign investors continued their net selling streak for the seventh consecutive session on May 4, offloading over VND 951 billion on HOSE. The selling was concentrated in blue-chip stocks ACB, FPT, and HPG. In contrast, proprietary trading desks net bought over VND 179 billion, with KBC and MSN as top picks.

Key Facts

• Foreign investors net sold over VND 951 billion on May 4, marking the seventh consecutive net selling session.
• ACB was the most sold stock by foreign investors, with net selling of VND 340 billion.
• FPT and HPG followed, with net selling of VND 313 billion and VND 283 billion, respectively.
• Proprietary trading desks net bought over VND 179 billion on HOSE, the third consecutive net buying session.
• KBC was the top net buy by proprietary desks at VND 94 billion, followed by MSN at VND 48 billion.
• MWG was the most net sold by proprietary desks, with VND 39 billion.
• HUT was the top net buy by foreign investors, with net buying of VND 220 billion.

What Happened

On May 4, the Vietnamese stock market opened strong but weakened toward the close. Foreign investors intensified selling, with net outflows approaching VND 1 trillion. The selling pressure was broad-based but heavily focused on large-cap stocks: ACB (banking), FPT (technology), and HPG (steel). This occurred despite the official announcement of Vietnam’s market upgrade, which had been expected to attract foreign inflows.

Meanwhile, proprietary trading desks at securities companies acted as a counterweight, net buying over VND 179 billion for the third consecutive session. Their buying was concentrated in KBC (real estate) and MSN (consumer staples). The divergence between foreign and proprietary flows highlights the cautious sentiment among international investors.

Market Context

ACB closed at VND 24 on April 15, down 0.62%, while FPT and HPG closed at VND 75 (-1.31%) and VND 28 (-1.75%), respectively. KBC, a beneficiary of proprietary buying, closed at VND 34 (+0.15%) on April 10. The persistent foreign selling has weighed on these blue chips, contributing to market volatility. The VN-Index has faced headwinds despite the upgrade news, as foreign outflows continue.

Strategic Significance

The sustained foreign selling, even after the market upgrade, suggests that international investors are rebalancing portfolios or taking profits rather than increasing exposure. The focus on ACB, FPT, and HPG indicates that even high-quality names are not immune to the outflow. Proprietary buying in KBC and MSN may reflect domestic institutional confidence in real estate and consumer sectors. The divergence underscores the importance of monitoring foreign flow trends for near-term market direction.

What to Watch

• Foreign net selling data for the next few sessions to see if the streak extends beyond seven days.
• Any official statements from the State Securities Commission regarding foreign investor sentiment.
• Q1 2026 earnings reports for ACB, FPT, and HPG to assess fundamental support.
• Changes in the VN-Index and foreign ownership limits for affected stocks.
• Proprietary trading activity to gauge domestic institutional conviction.