GMD Surges on Proprietary Buying of VND 300B; Foreign Net Sell VND 96B

Overview

On July 20, proprietary trading desks at securities companies net bought over VND 440 billion on HOSE, with Gemadept Corporation (GMD) alone accounting for more than VND 300 billion. Meanwhile, foreign investors net sold nearly VND 96 billion, led by Vietcombank (VCB). The divergence underscores the ongoing foreign selling pressure while domestic institutions selectively accumulate positions in logistics and real estate stocks.

Key Facts

• Proprietary trading desks net bought over VND 440 billion on HOSE on July 20, reversing a net sell session the prior week.
• GMD received net buying of over VND 300 billion from proprietary desks, representing nearly 70% of total proprietary net buying.
• Proprietary desks had previously net bought over VND 221 billion in GMD on July 13.
• Other stocks with significant proprietary net buying: VIC (nearly VND 69 billion), LPB (nearly VND 37 billion), VJC, VCB, ACB, VNM, STB, BSR, and SHB (VND 13-25 billion each).
• Top proprietary net sells: HPG (nearly VND 45 billion), VHM (over VND 37 billion), MBB (over VND 30 billion).
• Foreign investors net sold nearly VND 96 billion, a sharp reduction from the prior session’s VND 692 billion.
• VCB led foreign net selling with nearly VND 149 billion, followed by STB (VND 68 billion) and VPB (nearly VND 65 billion).
• MWG led foreign net buying with nearly VND 206 billion, followed by VIC (nearly VND 74 billion) and VNM (over VND 51 billion).

What Happened

According to the article published on July 20, 2026, proprietary trading desks at securities companies executed a net buy of over VND 440 billion on HOSE, a sharp reversal from the net selling session at the end of the prior week. The bulk of this buying was concentrated in GMD, which saw net purchases of over VND 300 billion, equivalent to nearly 70% of the total proprietary net buying. Proprietary desks had previously accumulated GMD on July 13 with net buying of over VND 221 billion.

In contrast, foreign investors continued to reduce exposure, net selling nearly VND 96 billion, though the scale was significantly smaller than the VND 692 billion net sold in the previous session. VCB was the most heavily sold stock by foreign investors, with net selling of nearly VND 149 billion, followed by STB and VPB. On the buying side, MWG attracted the largest foreign net inflow of nearly VND 206 billion, while VIC and VNM also saw notable foreign buying.

Market Context

GMD closed at VND 76,000 on July 20, 2026, on HOSE. The stock has been a focus of proprietary trading activity, with two large net buying sessions in July. The broader market saw mixed flows: domestic institutions accumulated positions in select stocks, while foreign investors remained net sellers, albeit at a reduced pace. The divergence reflects ongoing foreign portfolio outflows from Vietnamese equities, particularly from banking stocks like VCB, STB, and VPB, while domestic proprietary desks show confidence in logistics and real estate names.

Strategic Significance

The heavy proprietary buying in GMD signals strong domestic institutional conviction in the logistics sector, likely driven by expectations of continued trade growth and Gemadept’s port operations. The simultaneous foreign selling in banks suggests persistent concerns about asset quality or valuation in the banking sector. The ability of proprietary desks to absorb foreign selling pressure in certain names may provide support for those stocks, but the overall foreign outflow trend remains a headwind for market liquidity.

What to Watch

• Continued proprietary buying in GMD in subsequent sessions to confirm sustained institutional interest.
• Foreign net selling volumes in VCB and other banks to gauge whether the selling pressure is easing or accelerating.
• Any regulatory or macroeconomic announcements that could shift foreign investor sentiment toward Vietnamese equities.
• Q2 earnings reports for GMD and VCB to assess fundamental drivers behind the divergent flows.
• Changes in the VND/USD exchange rate and SBV policy, which often influence foreign portfolio flows.