Foreign Net Selling Streak Hits FPT Hard on May 11, VND 1 Trillion Exit

Overview

Foreign investors continued their net selling streak for a sixth consecutive session on May 11, with total net sell value exceeding VND 1 trillion. FPT and VHM were the most heavily sold stocks, while BSR and GEX saw net buying. The persistent foreign outflow has now reached over VND 5.2 trillion in May and nearly VND 18.7 trillion since the start of Q2.

Key Facts

• Foreign investors net sold over VND 1 trillion on May 11, the sixth straight session of net selling in May.
• VHM was the top sold stock with VND 368 billion in net foreign selling.
• FPT was the second most sold stock with VND 218 billion in net foreign selling.
• DGC ranked third with VND 189 billion in net foreign selling.
• BSR was the top net bought stock with VND 133 billion.
• GEE and GEX together attracted over VND 164 billion in net foreign buying.
• Since the start of May, foreign investors have net sold over VND 5.2 trillion, and since Q2 began, nearly VND 18.7 trillion.
• FPT is the most sold stock in May with over VND 1.9 trillion in net foreign selling.

What Happened

According to data from the Ho Chi Minh Stock Exchange (HOSE), foreign investors executed net selling of more than VND 1 trillion on May 11, extending their net selling streak to six consecutive sessions in May. The selling pressure was concentrated on real estate and technology stocks, with VHM (Vinhomes) leading outflows at VND 368 billion, followed by FPT (FPT Corporation) at VND 218 billion, and DGC (Duc Giang Chemicals) at VND 189 billion.

On the buying side, BSR (Binh Son Refining and Petrochemical) was the top net bought stock with VND 133 billion. GEX (Gelex Group) and its subsidiary GEE (Gelex Electric) together attracted over VND 164 billion in net foreign buying. DCM (Ca Mau Fertilizer) also saw net buying of nearly VND 97 billion.

Market Context

FPT closed at VND 75 on April 15, down 1.31% on the day, with volume of 9.5 million shares. The stock has been under persistent foreign selling pressure, ranking as the most sold stock in May with over VND 1.9 trillion in net outflows. VHM, despite being the top sold stock on May 11, closed up 6.83% at VND 138 on April 15, suggesting domestic buying may be absorbing foreign selling. The broader market has seen foreign investors reduce exposure across sectors, with technology and real estate bearing the brunt.

Strategic Significance

The sustained foreign selling in FPT reflects a broader risk-off sentiment toward Vietnamese equities, particularly in the technology sector. FPT, as a leading IT services and digital transformation company, has been a favorite among foreign investors in recent years. The continued outflows may signal concerns about valuation, global tech sector headwinds, or portfolio rebalancing by foreign funds. The fact that FPT has been the most sold stock in May, even surpassing VHM in cumulative outflows, underscores the intensity of foreign selling in the name.

What to Watch

• Whether foreign selling continues in the coming sessions, especially on FPT and VHM.
• Any announcements from FPT regarding business updates or share buybacks that could stem the selling.
• The impact of foreign selling on FPT’s stock price and whether it finds support at key technical levels.
• Broader foreign flow trends in May and Q2, particularly if the net selling accelerates or decelerates.
• Any regulatory or macroeconomic developments that could shift foreign investor sentiment toward Vietnam.