Vietnam Securities Stocks Bleed Liquidity as Real Estate Flows Diverge

Overview

Liquidity drained from Vietnamese securities stocks in the trading week of 26-30 October, with APS (HNX) posting the steepest decline in average daily volume, down 63% to just over 227,000 shares per session. The VN-Index fell nearly 2% to 1,741 points and the HNX-Index nearly 4% to about 253 points, while real estate names diverged sharply, led by a record-volume surge in KOS.

Key Facts

• VN-Index fell nearly 2% on the week to 1,741 points; HNX-Index fell nearly 4% to about 253 points.
• HOSE average volume and turnover each fell nearly 10%, to 645 million shares and VND 14.3 trillion per session.
• HNX average volume fell nearly 30% to 42.6 million shares per session; turnover fell more than 26% to VND 636 billion.
• APS average volume fell 63% to just over 227,000 shares per session, the sharpest drop in the securities group.
• VPB, SHS, MBS, VFS, EVS and BVS recorded volume declines of 30-55%.
• KOS average volume rose 7,161.04% to more than 15.88 million shares per session; more than 75 million KOS shares traded on the final session, ending a run of nearly 30 consecutive floor-limit sessions.
• VGC volume rose nearly 300% and LDG more than 110%; on HNX, DTD and VC3 also gained liquidity.
• EVG, IJC, SCR, NLG and RYG saw outflows on HOSE; NRC, IDJ, CEO, TIG and IDC cooled on HNX.

What Happened

The week’s data, compiled from exchange trading statistics for 26-30 October, showed a market-wide contraction in activity rather than a single-sector event. On HOSE, average volume and turnover each fell close to 10%, while HNX fared worse, with volume down nearly 30% and turnover down more than 26%. The article attributes the pattern to capital withdrawal rather than to any disclosed corporate or regulatory development.

Within the securities group, the decline was broad. APS led with a 63% drop in average volume, and VPB, SHS, MBS, VFS, EVS and BVS all fell in a 30-55% range. The real estate group was mixed: KOS broke out on record volume of more than 15.88 million shares per session, a 7,161.04% increase, and traded more than 75 million shares on the final session to exit a streak of nearly 30 consecutive floor-limit sessions. VGC and LDG also gained, as did DTD and VC3 on HNX, while EVG, IJC, SCR, NLG, RYG, NRC, IDJ, CEO, TIG and IDC lost liquidity. The article does not disclose the source of the volume rankings beyond noting they cover stocks with average volume above 100,000 shares per session.

Market Context

APS trades on HNX and closed at VND 5,300 on 2 November 2026, at the low end of the market’s price band. Peer securities names sit higher: SHS at VND 12,200, MBS at VND 14,900 and VFS at VND 9,100. The simultaneous drop in price and volume across the group points to a de-risking phase in a sector that typically leads market turnover, consistent with the broader index pullback and the roughly 10% fall in HOSE turnover.

Strategic Significance

Securities stocks are a leveraged proxy for retail participation, so a 30-63% volume decline across the group signals that margin and retail activity is contracting faster than the index suggests. For APS, a small-cap HNX broker trading near VND 5,300, thin liquidity cuts both ways: it magnifies downside when flows leave and makes any recovery dependent on a return of speculative turnover rather than on fundamentals. The real estate divergence is the more instructive signal, with KOS volume reflecting the unwinding of a floor-limit streak rather than fresh accumulation, while the cooling in NLG, CEO, IDC and IJC suggests capital is rotating out of larger, more liquid property names.

What to Watch

• Weekly HOSE and HNX turnover data for the first full week of November, to test whether the contraction extends beyond the October month-end.
• APS and peer securities volumes around any margin-lending or brokerage fee announcements.
• KOS trading after its exit from the floor-limit streak, to see whether record volume marks distribution or a genuine turn.
• Foreign-ownership and proprietary-trading filings for the securities group on HNX.
• Any SBV or State Securities Commission commentary on margin lending or market liquidity.