Foreign Net Selling Extends to 9th Session; FPT Leads with VND 453B

Overview

Foreign investors extended their net selling streak to nine consecutive sessions on May 6, with total net sell value reaching nearly VND 1.1 trillion (approximately USD 44 million). FPT was the most sold stock at VND 453 billion, followed by ACB and HPG. Meanwhile, proprietary traders reversed to net buying of VND 262 billion on HOSE, concentrating on banking stocks and the E1VFVN30 exchange-traded fund.

Key Facts

• Foreign net selling on May 6 totaled nearly VND 1.1 trillion (approx. USD 44 million), the ninth consecutive session of net outflows.
• FPT led the sell-off with net selling of VND 453 billion.
• ACB and HPG each recorded net selling above VND 200 billion.
• POW was the most bought stock by foreign investors, with net buying of VND 202 billion.
• MSN followed with net buying of nearly VND 145 billion.
• Proprietary traders net bought VND 262 billion on HOSE, reversing the previous session’s net selling.
• Top proprietary buys included VPB, TCB, ACB, and the E1VFVN30 fund; top sells included VCI, STB, and VIX.

What Happened

According to data from the HOSE trading session on May 6, foreign investors continued their sustained net selling pattern, offloading nearly VND 1.1 trillion in Vietnamese equities. The selling pressure was concentrated on large-cap stocks, with FPT alone accounting for over 40% of total net outflows. ACB and HPG also faced significant selling, each exceeding VND 200 billion.

In contrast, proprietary traders (self-trading desks of securities firms) shifted to net buying of VND 262 billion after selling in the prior session. Their buying focused on banking stocks VPB, TCB, ACB, and the E1VFVN30 fund, while they reduced positions in VCI, STB, and VIX. The VN-Index rose 16.4 points on the day despite the foreign selling, indicating domestic buying support.

Market Context

FPT (HOSE) closed at VND 75 on April 15, down 1.31% with volume of 9.5 million shares. ACB (HOSE) closed at VND 24, down 0.62%, and HPG (HOSE) closed at VND 28, down 1.75%. The persistent foreign selling over nine sessions has weighed on these blue chips, though the broader index managed to gain on May 6. The banking sector, represented by VPB, TCB, and ACB, attracted proprietary buying, suggesting a divergence between foreign and domestic institutional sentiment.

Strategic Significance

The extended foreign net selling streak highlights ongoing risk-off sentiment among international investors toward Vietnamese equities, possibly driven by global monetary tightening or country-specific concerns. The concentration of selling in FPT, a technology leader, may reflect profit-taking after its strong run or sector rotation. Meanwhile, proprietary traders’ pivot to banking stocks signals confidence in the sector’s near-term outlook, supported by expected credit growth and stable net interest margins. The divergence between foreign and proprietary flows creates a tactical opportunity for investors to monitor for potential reversals.

What to Watch

• Whether foreign net selling continues into a tenth session or shows signs of abating.
• FPT’s upcoming earnings release and any guidance that could justify the selling pressure.
• Further proprietary buying in banking stocks, which could indicate institutional accumulation.
• The VN-Index’s ability to sustain gains despite persistent foreign outflows.
• Any regulatory or macroeconomic announcements that might shift foreign investor sentiment.