Proprietary Trading Desks Net Sell VND 1,183B on HOSE in Strong Market Session

Overview

On April 22, 2026, proprietary trading desks at Vietnamese securities companies unexpectedly turned to net selling of VND 1,183 billion on HOSE, even as the VN-Index surged 1.3% to 1,857.30 points. The sell-off was concentrated in FUEVFVND, VSC, MWG, STB, and VIC, while foreign investors also continued net selling of approximately VND 108 billion across the market. This divergence between market price action and institutional flow warrants attention.

Key Facts

• Proprietary desks net sold VND 1,183 billion on HOSE on April 22, a sharp reversal from prior sessions.
• Largest net sell was in FUEVFVND at -VND 285 billion, followed by VSC (-VND 233 billion), MWG (-VND 166 billion), STB (-VND 126 billion), and VIC (-VND 88 billion).
• Other notable net sells: VHM (-VND 66 billion), FPT (-VND 62 billion), VPB (-VND 47 billion), HDB (-VND 38 billion), VNM (-VND 34 billion).
• On the buy side, E1VFVN30 was net bought VND 32 billion, followed by GEX (VND 20 billion), MBB (VND 13 billion), HPG (VND 9 billion), PVT (VND 9 billion), GAS (VND 4 billion), and GEL, DGC, REE (each VND 3 billion), VTP (VND 1 billion).
• Foreign investors net sold approximately VND 108 billion across the entire market on the same day.
• The VN-Index closed at 1,857.30 points, up 23.82 points (+1.30%), driven mainly by Vingroup stocks.

What Happened

According to exchange data cited in the article, proprietary trading desks at securities companies (tự doanh CTCK) reversed their recent buying trend and became aggressive net sellers on April 22, offloading a total of VND 1,183 billion on HOSE. This occurred during a session when the broader market rallied strongly, with the VN-Index gaining 1.3% to close at 1,857.30 points, supported primarily by Vingroup-related stocks.

The sell-off was broad-based, hitting blue-chip names across sectors. The largest net selling was in the ETF FUEVFVND (-VND 285 billion), followed by logistics firm VSC (-VND 233 billion), retailer MWG (-VND 166 billion), bank STB (-VND 126 billion), and conglomerate VIC (-VND 88 billion). Other significant net sells included VHM, FPT, VPB, HDB, and VNM. In contrast, proprietary desks net bought E1VFVN30 (VND 32 billion) and several other stocks, but the total buying was far outweighed by selling.

Market Context

On April 22, the VN-Index rose 1.3% to 1,857.30, continuing its recovery after a brief pullback. However, the proprietary desk net selling of VND 1,183 billion represents a sudden and large reversal. For context, FUEVFVND closed at VND 37 on April 24, up 0.59% with low volume of 92,500 shares. MWG closed at VND 81 on April 15, down 1.1%; STB at VND 64, down 2.57%; and VSC at VND 25, up 0.4% on April 10. The selling by proprietary desks, which are often viewed as informed domestic institutional traders, contrasts with the market’s upward momentum and may indicate profit-taking or hedging ahead of potential volatility.

Strategic Significance

The sudden shift by proprietary desks to net selling suggests that domestic institutional traders are becoming cautious despite the market’s rally. The concentration of selling in FUEVFVND, an ETF, along with major blue chips like VSC, MWG, STB, and VIC, indicates a broad-based reduction in risk exposure. This could be a signal that these desks view current valuations as stretched or anticipate near-term headwinds. The simultaneous foreign net selling of VND 108 billion adds to the cautious tone. For long-term investors, this divergence between price action and institutional flow warrants monitoring, as it may precede a market correction or rotation.

What to Watch

• Continued proprietary desk flow in subsequent sessions to see if the selling persists or reverses.
• Foreign investor net flow trends, especially if selling accelerates beyond VND 100 billion per day.
• Price action of heavily sold stocks like FUEVFVND, VSC, MWG, STB, and VIC relative to the VN-Index.
• Upcoming macroeconomic data or policy announcements that could shift institutional sentiment.
• Volume and volatility on HOSE to gauge whether the selling is absorbed by retail or other institutional buyers.