FPT Ends 11-Session Losing Streak at VND 59,700 as Foreign Selling and VN-Diamond Risk Loom

Overview

FPT Corporation (HOSE: FPT) closed at its reference price of VND 59,700 per share on 8 October, ending a record run of 11 consecutive declining sessions. The pause offers only limited relief: the technology bellwether is still down more than 30% year-to-date, pressured by sustained foreign net selling and a projected risk of removal from the VN-Diamond index basket.

Key Facts

• FPT closed at VND 59,700 per share on 8 October, flat versus the reference price, ending an 11-session losing streak.
• The stock touched VND 61,500 intraday before selling pressure pushed it back to the reference level; session liquidity reached nearly 6.6 million shares.
• From above VND 66,000 in mid-September, FPT lost more than 10% in two weeks, erasing over VND 14,000 billion in market capitalisation.
• Foreign investors net sold approximately 180 million FPT shares from the start of the year to early October, equivalent to more than VND 14,700 billion.
• FPT’s foreign-ownership room is now open by roughly 353 million shares, or nearly 19% of charter capital.
• BSC estimates FPT’s average foreign ownership must exceed 37% between October 2026 and March 2027 to satisfy VN-Diamond eligibility criteria.
• Under BSC’s forecast, failure to meet the threshold could place FPT on a watchlist at the April 2027 review and trigger formal removal in October 2027.

What Happened

According to the article, FPT shares spent most of the 8 October session attempting to recover, rising to VND 61,500 before sellers re-emerged and dragged the price back to the VND 59,700 reference close. Volume of nearly 6.6 million units indicated trading remained active even as the price found a temporary floor. The flat close formally halted a sequence of 11 straight declines that had become the longest losing run on record for the ticker.

The pressure extends beyond short-term price action. The article cites a BIDV Securities (BSC) report warning that FPT may no longer meet the foreign-ownership condition required to remain in the VN-Diamond basket, an index designed for stocks with high foreign holdings. BSC estimates the average foreign ownership ratio would need to exceed 37% between October 2026 and March 2027, well above the current level. The article also notes that FPT management has previously pointed to valuation de-rating among global IT services peers such as Infosys and Accenture, as rapid AI development prompts investors to reassess traditional outsourcing and programming business models.

Market Context

FPT trades on the HOSE exchange and was long regarded as a flagship growth stock and a favoured holding of foreign institutional funds. The reversal in foreign flows is stark: from a heavily sought-after position, the stock now carries an open foreign room of roughly 353 million shares, close to 19% of charter capital. The year-to-date decline of more than 30% contrasts with the stock’s earlier status as a consistent outperformer, and the recent 11-session slide from above VND 66,000 to VND 59,700 reflects both flow-driven selling and a broader re-rating of technology services valuations globally.

Strategic Significance

For long-term investors, the core issue is whether FPT’s foreign-ownership profile has structurally shifted or is merely cyclical. The VN-Diamond mechanism matters because ETFs tracking the basket would be forced to rebalance if FPT is removed, creating a second wave of mechanical supply on top of the discretionary selling already seen. At the same time, the AI-driven de-rating of IT services peers raises a genuine strategic question about FPT’s outsourcing-heavy revenue mix and whether its own AI investments can offset margin pressure in traditional segments. The combination of index-flow risk and sector re-rating means FPT’s valuation debate now hinges on earnings delivery rather than passive foreign demand.

What to Watch

• Monthly foreign net buying/selling data for FPT on HOSE, to gauge whether the outflow is decelerating.
• FPT’s Q3 2026 earnings release, particularly technology segment revenue growth and AI-related contract disclosures.
• VN-Diamond index review announcements and any watchlist updates ahead of the April 2027 assessment.
• Foreign-ownership filings and room statistics, to track progress toward the 37% average threshold cited by BSC.
• Peer read-across from Infosys and Accenture quarterly results for signals on global IT services demand.