ACB Hit by Combined Foreign and Proprietary Net Selling on October 19

Overview

Foreign investors net sold more than VND 866 billion on HOSE on October 19, the 12th consecutive net-selling session, while securities-firm proprietary desks net bought over VND 281 billion for a second straight session. ACB (HOSE) was the clearest casualty, drawing more than VND 313 billion in combined net selling from both foreign and proprietary flows, the largest two-sided outflow of the session.

Key Facts

• Foreign investors net sold over VND 866 billion on October 19, extending the streak to 12 consecutive net-selling sessions.
• Proprietary trading desks net bought over VND 281 billion on HOSE, their second consecutive net-buy session.
• ACB saw combined net selling above VND 313 billion: roughly VND 93 billion from foreign investors and more than VND 220 billion from proprietary desks.
• VCB led foreign net selling at nearly VND 104 billion, followed by VHM at over VND 101 billion and ACB at nearly VND 93 billion; VJC was sold about VND 72 billion and FPT more than VND 42 billion.
• FRT drew nearly VND 151 billion in foreign net buying, the session’s largest inflow, ahead of MBB at over VND 41 billion, BVH at nearly VND 39 billion and TCB at over VND 26 billion.
• Proprietary desks concentrated buying in CTG at nearly VND 230 billion, with KBC and VPB each above VND 133 billion, MSN about VND 45 billion and FPT over VND 35 billion.
• Proprietary desks also net sold MSB and TCB at roughly VND 14-15 billion each, and HVN at more than VND 11 billion.

What Happened

According to the October 19 proprietary-and-foreign flow tally, foreign investors stayed on the sell side for a 12th straight session, offloading more than VND 866 billion across large-cap names. VCB, VHM and ACB accounted for the bulk of the pressure, with VJC and FPT also among the most-sold tickers. The selling was broad rather than concentrated in a single sector, spanning banking, real estate, aviation and technology.

Proprietary desks moved the other way for a second session, net buying over VND 281 billion. Their largest position was CTG at nearly VND 230 billion, a clear counter-trend trade given foreign investors sold roughly VND 38 billion of the same stock. ACB was the exception where both cohorts aligned: proprietary desks pulled more than VND 220 billion while foreign investors sold nearly VND 93 billion, producing the session’s largest combined outflow. FRT showed the mirror image, attracting nearly VND 151 billion of foreign buying against roughly VND 144 billion of proprietary net selling. The article does not disclose the notional value of individual block trades or the identity of the counterparties.

Market Context

ACB closed at VND 20,250 on October 19. The stock sits in the banking sector, which has borne much of the foreign outflow this year, and the two-sided selling distinguishes it from peers where foreign and domestic institutional flows offset each other. VCB closed at VND 56,200, VHM at VND 60,300 and VJC at VND 127,500, all names that appeared on the foreign sell list. The 12-session foreign selling streak on HOSE points to persistent portfolio reallocation rather than a single-event reaction, and the proprietary bid has so far absorbed only part of it.

Strategic Significance

For long-term holders, the key signal is the alignment of foreign and proprietary flows in ACB rather than the absolute size of the outflow. Proprietary desks are typically contrarian buyers of banking stocks during foreign selloffs, so their decision to reduce ACB by more than VND 220 billion while adding heavily to CTG, KBC and VPB suggests a relative-value rotation within the sector rather than a blanket retreat from banks. That distinction matters: if the selling reflects a view on ACB specifically, the overhang could persist beyond the current foreign-flow cycle. If it is rotation, ACB’s valuation at VND 20,250 may attract domestic institutions once the foreign streak breaks.

What to Watch

• Whether the foreign net-selling streak extends past 12 sessions and whether ACB remains in the top-sold group.
• Daily proprietary trading disclosures from securities firms, particularly whether the CTG, KBC and VPB overweight persists.
• Foreign-ownership filings and any large block trades in ACB reported to the exchange.
• Third-quarter earnings releases from ACB and banking peers, which will test whether flow-driven weakness diverges from fundamentals.
• HOSE liquidity and margin-debt data for October, to gauge whether domestic leverage is absorbing foreign supply.