Proprietary Trading Desks Net Buy VND 425B on HoSE as VN-Index Plunges 44 Points

Overview

On July 20, the VN-Index fell 43.94 points (-2.46%) to 1,743.51, its lowest close since breaking below the 200-day moving average. Amid the sell-off, proprietary trading desks at securities companies net bought VND 425 billion on HoSE, with Gemadept (GMD) receiving the largest inflow of VND 300 billion. Foreign investors were net sellers of VND 86 billion across the entire market.

Key Facts

• VN-Index closed at 1,743.51, down 43.94 points (-2.46%) on July 20.
• Proprietary trading desks net bought VND 425 billion on HoSE during the session.
• GMD was the top net buy by proprietary desks at VND 300 billion.
• Other notable net buys: VIC (VND 69 billion), LPB (VND 37 billion), VJC (VND 25 billion), VCB (VND 24 billion).
• HPG was the top net sell by proprietary desks at VND 45 billion, followed by VHM (VND 37 billion) and MBB (VND 30 billion).
• Foreign investors net sold approximately VND 86 billion across the entire market.
• GMD closed at VND 76,000 on July 20.

What Happened

On July 20, the Vietnamese stock market experienced a sharp decline, with the VN-Index losing nearly 44 points as selling pressure intensified. According to exchange data, foreign investors were net sellers of about VND 86 billion across the HoSE, HNX, and UPCOM exchanges. However, proprietary trading desks of securities companies stepped in as net buyers on HoSE, absorbing VND 425 billion worth of shares.

The largest single-stock purchase by proprietary desks was Gemadept (GMD), with net buying of VND 300 billion. Other significant buys included Vingroup (VIC) at VND 69 billion, LPB at VND 37 billion, and Vietjet Air (VJC) at VND 25 billion. On the sell side, Hoa Phat Group (HPG) was the most sold by proprietary desks, with net selling of VND 45 billion, followed by Vinhomes (VHM) at VND 37 billion and MBB at VND 30 billion.

Market Context

The July 20 sell-off pushed the VN-Index below its 200-day moving average, a technical signal that often attracts further selling. Foreign net selling of VND 86 billion was relatively modest compared to recent sessions, but the magnitude of the index drop suggests broad-based domestic retail and institutional selling. Proprietary desk buying, particularly in GMD, VIC, and LPB, provided a partial buffer. GMD closed at VND 76,000, while VIC ended at VND 220,000, LPB at VND 53,500, and VJC at VND 132,000. All four tickers trade on HoSE.

Strategic Significance

The aggressive buying by proprietary desks in GMD and other blue chips signals that domestic securities firms view the sell-off as an opportunity to accumulate positions in high-liquidity stocks. GMD, a leading port and logistics operator, has been a beneficiary of trade flows and infrastructure spending. The VND 300 billion inflow into GMD alone represents a significant vote of confidence from the proprietary trading community, which often acts as a proxy for institutional sentiment. The divergence between foreign selling and domestic proprietary buying highlights a potential shift in market leadership, with local institutions stepping in where foreign investors retreat.

What to Watch

• Subsequent sessions’ proprietary desk flow data to see if buying persists or reverses.
• GMD’s price action and volume around the VND 76,000 level, which may act as support.
• Foreign net flow trends over the next week to gauge whether selling accelerates.
• VN-Index’s ability to reclaim the 200-day moving average, currently near 1,750.
• Any regulatory or macroeconomic announcements that could stabilize sentiment.