Securities Stocks See Sharp Outflows as Trading Volumes Drop 20-60%

Overview

In the first week of August (03-07/08), securities stocks on both HOSE and HNX saw significant outflows, with trading volumes dropping 20-60%. EVS led the decline with a near 63% drop in volume, while other major brokers like AGR, ORS, FTS, and VCK also experienced sharp reductions. This occurred despite a positive week for the broader market, as the VN-Index rose nearly 2% to 1,768 points.

Key Facts

• VN-Index increased nearly 2% to 1,768 points during the week of August 3-7.
• HNX-Index surged over 8% to 294 points.
• HOSE trading volume fell 4.5% to 691.5 million shares per session, but value rose 4% to VND 18.2 trillion.
• HNX trading volume dropped nearly 7% to 56 million shares per session; value slipped 0.2% to VND 885 billion.
• Securities stocks saw trading volumes decline 20-60%; EVS was the hardest hit with a near 63% drop.
• Construction stocks (DPG, CTR, VC7) and materials (HT1, CRC, GEL) attracted mild inflows.
• Real estate stocks (HPX, TAL, FIR, IDJ, IDC, API, TIG) saw increased liquidity; HPX volume surged over 200%.
• Oil & gas stocks (PLX, PVC, PVS) also saw mild inflows.

What Happened

According to market data for the first week of August, securities stocks experienced significant outflows as trading volumes dropped sharply across both exchanges. EVS saw the largest decline, with volume falling nearly 63%, followed by other brokers such as AGR, ORS, FTS, VCK, PSI, BVS, MBS, SHS, and VFS. The report, based on exchange data, highlights that liquidity in the sector remains weak despite the recent recovery in index levels.

In contrast, construction, real estate, and oil & gas stocks attracted mild inflows. Notable gainers in liquidity included DPG, CTR, VC7 in construction; HPX, TAL, FIR, IDJ, IDC, API, TIG in real estate; and PLX, PVC, PVS in oil & gas. HPX stood out with a more than 200% increase in trading volume. The data underscores a rotation of capital away from securities into other sectors.

Market Context

AGR, listed on HOSE, closed at VND 13,400 on August 10, 2026. The securities sector has been under pressure as trading volumes decline, reflecting broader market caution. Despite the VN-Index’s 2% gain, overall liquidity remains subdued, with HOSE volume down 4.5% and HNX volume down 7%. This suggests that the index recovery is not yet supported by broad-based participation, and the outflows from securities stocks could signal reduced retail activity, which is a key driver for broker revenues.

Strategic Significance

For long-term investors, the sharp decline in trading volumes for securities stocks is a critical indicator of near-term earnings potential for brokers. Since these companies rely heavily on brokerage commissions and margin lending, sustained low liquidity could compress their profitability. The rotation of capital into construction, real estate, and oil & gas suggests a shift in market sentiment, but the overall weak liquidity may persist until investor confidence fully recovers. Monitoring whether these outflows continue will be key to assessing the sector’s outlook.

What to Watch

• Weekly trading volume data for securities stocks to see if outflows persist or reverse.
• Q2 2026 earnings reports from major brokers (AGR, FTS, EVS) for revenue and profit trends.
• VN-Index movement and overall market liquidity in the coming weeks.
• Any policy changes or regulatory announcements affecting the securities sector.
• Foreign investor flows into Vietnamese equities, which could impact broker activity.