FPT leads foreign buying as proprietary desks sell VND 716B on Aug 28

Overview

On August 28, proprietary trading desks at Vietnamese securities firms net sold VND 716 billion, the largest daily net selling in three months, while foreign investors net bought VND 358 billion, the strongest since August 5. FPT Corporation (HOSE: FPT) led foreign buying with VND 241 billion, despite being net sold by proprietary desks. The divergence was most pronounced in banking stocks, where proprietary desks sold VND 278 billion and foreign investors bought VND 485 billion.

Key Facts

• Proprietary desks net sold VND 716 billion on August 28, with VND 683 billion on order matching, the largest since May 15.
• Foreign investors net bought VND 358 billion across all three exchanges, the strongest since August 5.
• FPT was the top foreign-buying stock, with net purchases of VND 241 billion, while proprietary desks net sold VND 52.1 billion of FPT.
• TCB saw foreign net buying of VND 213 billion, the third consecutive session, totaling VND 787 billion over three sessions; proprietary desks net sold VND 50.8 billion.
• VPB was the most heavily sold by proprietary desks, with VND 74.5 billion net sold, marking the fourth consecutive session; foreign investors net bought VND 113 billion.
• MCH saw proprietary net selling of VND 68.2 billion, mostly via block deals (VND 51.5 billion), while foreign investors net bought VND 71 billion.
• VIC was sold by both groups: foreign investors net sold VND 160 billion (the most on HOSE) and proprietary desks net sold VND 50.9 billion.

What Happened

On August 28, proprietary trading desks at securities companies bought VND 490 billion and sold VND 1,206 billion, resulting in a net sell of VND 716 billion, according to HOSE data. Including warrants and ETFs, the net sell was VND 703 billion. This was the second consecutive session of net selling, with a combined VND 1,320 billion over two sessions. The last time proprietary desks net sold more was on August 5, with VND 722 billion.

Foreign investors moved in the opposite direction, buying VND 2,223 billion and selling VND 1,864 billion across all three exchanges, for a net buy of VND 358 billion. On HOSE alone, foreign net buying was VND 335 billion, the highest since August 5. FPT led foreign buying with VND 241 billion, while TCB followed with VND 213 billion. Notably, VPB and MCH, the two most heavily sold by proprietary desks, were also among the top five foreign-buying stocks.

Market Context

FPT closed at VND 73,200 on August 28, with the VN-Index up 0.03% to 1,832.12 points. The index traded between 1,819.16 and 1,838.20 during the session. Trading volume on HOSE reached 643.9 million shares, worth VND 17,365 billion, up VND 1,371 billion from the previous session. The divergence between proprietary desks and foreign investors was most acute in banking stocks, with a VND 763 billion gap, as proprietary desks sold VND 278 billion and foreign investors bought VND 485 billion. This suggests a shift in positioning, with foreign investors increasing exposure to banks and FPT while proprietary desks reduced risk.

Strategic Significance

For long-term investors, the persistent foreign buying in FPT and banks like TCB and VPB signals continued international interest in Vietnam’s growth sectors, particularly technology and financials. FPT’s leading position in foreign net buying, despite proprietary selling, underscores its appeal as a proxy for Vietnam’s digital transformation and IT outsourcing. The divergence between proprietary and foreign flows may reflect short-term trading strategies versus longer-term positioning. The concentration of foreign buying in banks, despite proprietary selling, suggests that foreign investors see value in the sector’s earnings potential and economic recovery. The block-deal pattern in MCH, similar to August 4, may indicate strategic accumulation or distribution by institutional players.

What to Watch

• Follow-up sessions: Whether proprietary desks continue net selling and if foreign buying persists, especially in FPT and TCB.
• Q3 earnings reports from FPT and major banks, due in October, to confirm fundamental support for foreign inflows.
• Any regulatory changes affecting foreign ownership limits or trading rules on HOSE.
• Block deal activity in MCH and other large caps, which may signal institutional repositioning.
• VN-Index movement around the 1,830-1,840 resistance level, as sustained foreign buying could support a breakout.