Proprietary Trading Desks Net Sell GEL, Foreign Investors Dump VND 840B on May 12
This Aveluro analysis covers GEL (Hạ tầng GELEX) in the Construction & Materials sector. The classified event type is foreign flow, with negative sentiment and a deterministic market-impact score of 3.5/10. Aveluro classifies this story as a negative catalyst and risk signal for the affected stock. Source coverage came from CafeF - Thị trường chứng khoán, classified as a primary/top-tier source.
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Overview
On May 12, proprietary trading desks at securities companies net sold VND 164 billion on HOSE, with the strongest selling pressure on GEL (Gelex Infrastructure) at VND 163 billion. Meanwhile, foreign investors net sold nearly VND 840 billion across the entire market, adding to the negative sentiment despite the VN-Index closing up 0.30% at 1,901.1 points.
Key Facts
- Proprietary trading desks net sold VND 164 billion on HOSE on May 12.
- GEL was the most sold stock by proprietary desks, with net selling of VND 163 billion.
- Other stocks with significant net selling by proprietary desks: HPG (-VND 33 billion), MWG (-VND 32 billion), TCB (-VND 26 billion), FPT (-VND 20 billion).
- Foreign investors net sold nearly VND 840 billion across the entire market on the same day.
- MSN was the top net bought stock by proprietary desks, with VND 25 billion.
- GEL closed at VND 35,200 on May 12, up 1.29% with volume of 7.37 million shares.
What Happened
According to data from the Ho Chi Minh Stock Exchange (HOSE), proprietary trading desks of securities companies executed a net sell of VND 164 billion on May 12. The selling was heavily concentrated in GEL, which accounted for nearly all of the net selling value at VND 163 billion. Other stocks sold included HPG, MWG, TCB, and FPT.
On the buying side, proprietary desks net purchased MSN (VND 25 billion), STB (VND 24 billion), VIC (VND 19 billion), and HDB (VND 18 billion). The net selling by proprietary desks occurred alongside a broader net sell-off by foreign investors, who offloaded nearly VND 840 billion across the market, according to the article.
Market Context
GEL, listed on HOSE, closed at VND 35,200 on May 12, up 1.29% with a volume of 7.37 million shares. The stock has been under pressure from persistent selling by proprietary desks, which have been net sellers for several sessions. The broader market saw the VN-Index recover to 1,901.1 points, but foreign selling remains a headwind. Other stocks sold by proprietary desks, such as HPG and MWG, also experienced mixed price action, with HPG down 0.37% and MWG up 0.36%.
Strategic Significance
The concentrated selling of GEL by proprietary desks suggests a tactical reduction in exposure to the infrastructure and construction materials sector, possibly due to profit-taking or portfolio rebalancing. The simultaneous heavy foreign selling across the market indicates persistent risk aversion among international investors, likely driven by global macroeconomic uncertainties or Vietnam-specific factors. For GEL, the selling pressure from domestic institutional investors may weigh on near-term price performance, but the company’s fundamentals remain tied to infrastructure spending and the broader economic cycle.
What to Watch
- Continued proprietary desk and foreign selling in GEL and other heavily sold stocks in the coming sessions.
- Any company announcements or sector news that could explain the concentrated selling in GEL.
- Foreign net flow data for the remainder of the week to gauge whether the selling trend persists.
- VN-Index support levels around 1,875 points and the ability to hold above 1,900.
- Q2 2026 earnings reports for GEL and other affected tickers to assess fundamental impact.