FPT Stock Hits 2-Year Low as Foreign Selling Accelerates, Foreign Ownership Drops to 27.6%

Overview

Foreign investors have been aggressively selling FPT Corporation (HOSE: FPT) shares, with net selling of over 10.5 million shares worth nearly VND 739 billion in seven sessions through July 15. The selling pressure pushed the stock to a 2-year low of VND 66,800, and foreign ownership fell to 27.57% from 38.7% at the end of 2025. While some domestic funds also reduced positions, PYN Elite remained a significant holder and even named FPT its ‘stock of the month’.

Key Facts

• FPT stock closed at VND 66,800 on July 15, down 4.98% for the session, hitting a 2-year low.
• Foreign investors net sold over 10.5 million FPT shares worth nearly VND 739 billion in seven sessions from July 7 to July 15.
• On July 15 alone, foreign net selling exceeded 5 million shares, valued at VND 346 billion.
• Foreign ownership in FPT declined to 27.57% as of mid-July, down from 38.7% at end-2025.
• PYN Elite reduced its FPT holdings by 2.94 million shares (9.8%) in H1 2026, but still held 27.1 million shares as of June 30, making it the largest institutional holder.
• VFMVSF fund cut its FPT position by 40.6% in June, while DCDS reduced by 33.1%.
• VanEck Vietnam ETF increased its FPT holdings by over 1.62 million shares in June.

What Happened

According to data from the Ho Chi Minh Stock Exchange (HOSE), foreign investors have been consistently selling FPT shares, accelerating in early July. The selling wave pushed FPT’s stock price to VND 66,800 on July 15, the lowest level since early 2024 on an adjusted basis. Trading volume surged to over 21.27 million shares that day.

The selling is not limited to short-term trading. Several major funds have significantly reduced their FPT holdings. PYN Elite, a Finland-based fund, cut its stake by 2.94 million shares in the first half of 2026, but still held 27.1 million shares as of June 30, making it the largest institutional holder. Despite the reduction, FPT remains the fourth-largest holding in PYN Elite’s portfolio, accounting for nearly 7.7% of NAV. The fund even named FPT its ‘stock of the month’, citing potential benefits from AI automation.

Other funds reduced positions more aggressively. VFMVSF cut its FPT holdings by 40.6% in June alone, while DCDS reduced by 33.1%. On the other hand, VanEck Vietnam ETF added over 1.62 million shares in June.

Market Context

FPT’s stock has been under severe pressure, falling to a 2-year low amid heavy foreign selling. The technology sector on HOSE has generally been weak, but FPT’s decline is particularly sharp. The stock’s price action reflects concerns about the impact of AI on the IT outsourcing industry, as well as broader market sentiment. Foreign ownership has dropped sharply from 38.7% at end-2025 to 27.57%, approaching the 49% foreign ownership limit but still well below it.

Strategic Significance

The selling wave in FPT highlights a shift in foreign investor sentiment toward Vietnamese IT outsourcing stocks, driven by fears that AI could disrupt the industry’s business model. However, PYN Elite’s continued large holding and positive view suggest that some long-term investors see value at current levels. The divergence between short-term selling and long-term positioning creates an interesting dynamic. FPT’s fundamentals remain solid, with Q1 2026 revenue up 8.7% year-on-year to VND 12,480 billion, but the market is pricing in significant uncertainty.

What to Watch

• Further foreign selling activity and any changes in foreign ownership levels approaching the 49% cap.
• FPT’s Q2 2026 earnings release, expected in late July or August, to assess if fundamentals support the current valuation.
• Any announcements from PYN Elite or other major funds regarding further position adjustments.
• Developments in the AI and IT outsourcing sectors that could affect FPT’s growth prospects.
• Broader market trends on HOSE, particularly foreign flow into Vietnamese equities.