Foreign Net Sell VND 2 Trillion on April 24; FPT Leads with VND 414B

Overview

Foreign investors net sold nearly VND 2 trillion (~USD 80 million) on the Ho Chi Minh Stock Exchange (HOSE) on April 24, with FPT leading the sell-off at over VND 414 billion. Proprietary trading desks also net sold for the fourth consecutive session, though the pace slowed to VND 89 billion. The persistent foreign outflow weighs on market sentiment, particularly for FPT and banking stocks.

Key Facts

• Foreign investors net sold nearly VND 2 trillion (~USD 80 million) on April 24.
• FPT was the most sold stock, with net selling of over VND 414 billion.
• Other heavily sold stocks included ACB, VCB, MSB, HDB, MSN, VNM, and MWG.
• TCB led the buying side with net purchases of only VND 34 billion.
• Proprietary trading desks net sold for the fourth consecutive session, but the amount narrowed to VND 89 billion.
• SHB was the most sold by proprietary desks, with net selling of VND 272 billion.
• HPG, MWG, MSN, and FPT were bought by proprietary desks with values between VND 30-50 billion.

What Happened

According to data from the Ho Chi Minh Stock Exchange, foreign investors continued their net selling streak on April 24, with total net sell value reaching nearly VND 2 trillion. The sell-off was broad-based, with FPT alone accounting for over VND 414 billion of net outflows. Banking stocks also faced significant selling pressure, including ACB, VCB, MSB, and HDB. Consumer stocks such as MSN, VNM, and MWG were also among the top 10 most sold by foreign investors.

On the buying side, foreign activity was muted, with TCB leading net purchases at just VND 34 billion. Meanwhile, proprietary trading desks at securities companies also remained net sellers for the fourth consecutive session, though the pace slowed to VND 89 billion from higher levels in prior sessions. SHB was the most sold by proprietary desks at VND 272 billion, while HPG, MWG, MSN, and FPT saw net buying from this group.

Market Context

FPT closed at VND 75 on April 15, down 1.31% on volume of 9.5 million shares. The stock has been under pressure amid foreign selling, which has intensified in recent sessions. The broader market has also faced headwinds from persistent foreign outflows, with the VN-Index struggling to maintain gains. Banking stocks like ACB (close VND 24, -0.62%), VCB (close VND 60, +1.01%), and MSB (close VND 13, -0.39%) have also been affected by the foreign sell-off. The technology sector, where FPT is a heavyweight, remains sensitive to foreign capital flows.

Strategic Significance

The sustained foreign selling in FPT and other blue-chip stocks reflects ongoing risk-off sentiment among international investors, possibly driven by global monetary tightening or concerns about Vietnamese market valuations. For FPT, the heavy foreign outflow may create short-term price pressure, but the company’s fundamentals remain strong as a leading IT services provider. The narrowing of proprietary selling suggests domestic institutional investors may be stepping in to absorb foreign supply, which could stabilize prices. However, the lack of significant foreign buying indicates that a reversal in sentiment may require catalysts such as earnings beats or policy support.

What to Watch

• Foreign net flow data for the next few sessions to see if selling pressure persists or abates.
• FPT’s upcoming quarterly earnings report for signs of fundamental strength that could attract buyers.
• SBV policy actions or regulatory changes that could influence foreign investor sentiment.
• Proprietary trading desk activity, particularly if they shift to net buying, which could signal a bottom.
• Price action in banking stocks like ACB, VCB, and MSB, as they are sensitive to foreign flows and interest rate expectations.