Foreign Net Selling Continues on May 29; Proprietary Traders Buy VND 225B

Overview

On May 29, foreign investors continued their net selling streak on the Vietnamese stock market, offloading over VND 750 billion (approx. USD 30 million). The selling was broad-based, with CTG, VHM, and VPB each seeing net outflows of VND 70-90 billion. In contrast, proprietary traders (tự doanh) bought nearly VND 225 billion, led by VPB, VCB, and TCB. MSB emerged as the top foreign-bought stock with net purchases of VND 93 billion.

Key Facts

• Foreign investors net sold over VND 750 billion on May 29, continuing a multi-session trend.
• Top sold stocks by foreign value: CTG, VHM, VPB, each with net outflows of VND 70-90 billion.
• MSB was the top foreign-bought stock, with net purchases of VND 93 billion.
• Other foreign-bought stocks included GAS, NVL, and TPB.
• Proprietary traders net bought nearly VND 225 billion, with VPB, VCB, and TCB leading at VND 40-55 billion each.
• The largest proprietary sell was E1VFVN30 ETF, with net sales of nearly VND 20 billion.
• CTG closed at VND 34,800 (-0.14%), VHM at VND 156,000 (-1.08%), VPB at VND 27,100 (-0.73%), and MSB at VND 15,300 (+1.32%).

What Happened

According to the May 29 market data report, foreign investors maintained their net selling position for the session, with total net outflows exceeding VND 750 billion. Unlike previous sessions where selling was concentrated in a few tickers, the distribution was more diversified. CTG, VHM, and VPB each recorded net sales of approximately VND 70-90 billion. On the buying side, MSB stood out with net foreign purchases of over VND 93 billion, followed by GAS, NVL, and TPB.

Proprietary trading desks acted as a counterweight, net buying nearly VND 225 billion. The buying was concentrated in banking stocks: VPB, VCB, and TCB each saw net purchases of VND 40-55 billion. On the sell side, the E1VFVN30 ETF was the most sold, with net outflows of nearly VND 20 billion, indicating no heavy selling pressure from proprietary traders.

Market Context

CTG (VietinBank, listed on HOSE) closed at VND 34,800, down 0.14% on volume of 8.3 million shares. The stock has been under foreign selling pressure in recent sessions, contributing to its slight decline. VHM (Vinhomes, HOSE) fell 1.08% to VND 156,000, while VPB (VPBank, HOSE) dropped 0.73% to VND 27,100. MSB (MSB Bank, HOSE) bucked the trend, rising 1.32% to VND 15,300 on strong volume of 31.8 million shares, supported by foreign buying. The broader market saw mixed signals, with foreign outflows weighing on sentiment but proprietary buying providing some support.

Strategic Significance

The divergence between foreign and proprietary flows highlights contrasting strategies: foreign investors continue to reduce exposure to Vietnamese equities, possibly due to global risk-off sentiment or portfolio rebalancing, while domestic proprietary desks are selectively accumulating banking stocks. The focus on banks (VPB, VCB, TCB, MSB) suggests confidence in the sector’s earnings outlook and dividend potential. For CTG, persistent foreign selling may indicate concerns about its near-term growth or valuation, though the stock remains a key state-owned bank. The broad-based nature of foreign selling implies a macro-driven exit rather than stock-specific issues.

What to Watch

• Continuation of foreign net selling in the coming sessions, especially in CTG, VHM, and VPB.
• Proprietary trading activity: whether buying momentum in VPB, VCB, and TCB persists.
• MSB’s price action and foreign ownership changes following the strong buying session.
• Upcoming macroeconomic data or policy announcements that could shift foreign investor sentiment.
• Q2 earnings reports from banks and real estate firms to validate sector fundamentals.