Foreign Net Selling Extends Streak on FPT, VND 373B Outflow on May 7

Overview

Foreign investors net sold nearly VND 266 billion on the HOSE on May 7, with FPT (FPT) absorbing the largest outflow at VND 373 billion, extending a persistent selling streak since April 21. Proprietary trading desks at securities companies net bought VND 201 billion, led by HDB, KDH, and VNM, partially offsetting foreign pressure.

Key Facts

• Foreign net selling on May 7 totaled nearly VND 266 billion, narrowing from prior sessions near VND 1 trillion.
• FPT led outflows with VND 373 billion net sold, followed by ACB (VND 297 billion) and BSR (nearly VND 100 billion).
• Foreign selling on FPT has been continuous since April 21, with May outflows exceeding VND 1.27 trillion.
• On the buy side, foreign investors net bought MSN (VND 376 billion), GEX (VND 144 billion), and VHM (VND 110 billion).
• Proprietary desks net bought VND 201 billion on HOSE, with top buys HDB (VND 36 billion), KDH (VND 30 billion), and VNM (VND 28 billion).
• Proprietary desks net sold STB (VND 36 billion), SSI (VND 19 billion), and PLX (VND 14 billion).

What Happened

According to the May 7 market data, foreign investors continued their net selling streak on the HOSE, though the pace moderated from the prior sessions’ near-VND 1 trillion outflows. The largest single-stock outflow was FPT, with VND 373 billion net sold, marking an extension of a persistent selling wave that began on April 21. Since the start of May, foreign investors have withdrawn over VND 1.27 trillion from FPT alone.

In contrast, proprietary trading desks at securities companies recorded a second consecutive session of net buying on HOSE, totaling VND 201 billion. The top purchases were HDB, KDH, and VNM, while STB, SSI, and PLX saw the largest net sales from this group.

Market Context

FPT closed at VND 75 on April 15, down 1.31% on volume of 9.5 million shares, reflecting ongoing selling pressure. The technology sector has been a focal point for foreign outflows, with FPT bearing the brunt. The broader market saw foreign net selling of VND 266 billion, a moderation from prior sessions, but the persistent outflow on FPT suggests sustained foreign repositioning. ACB and BSR also saw significant foreign selling, while MSN, GEX, and VHM attracted foreign buying.

Strategic Significance

The sustained foreign selling on FPT, a leading technology stock on HOSE, signals potential concerns about valuation or sector rotation among international investors. The streak since April 21 indicates a deliberate reduction in exposure, possibly linked to global tech sentiment or company-specific factors. Meanwhile, proprietary desk buying in HDB, KDH, and VNM suggests domestic institutional conviction in select banking, real estate, and consumer stocks, providing a counterbalance to foreign outflows.

What to Watch

• Continuation of foreign selling on FPT in upcoming sessions, particularly whether the pace accelerates or stabilizes.
• Any company announcements from FPT regarding business outlook, dividends, or share buybacks that could influence foreign sentiment.
• Foreign net flow data for the remainder of May to assess if the selling pressure broadens to other tech or large-cap names.
• Proprietary desk activity trends, especially if net buying persists and shifts toward other sectors.
• Market-wide foreign ownership limits and potential changes in ETF flows that could affect FPT and other high-foreign-ownership stocks.