Foreign Investors Net Sell VND 1,400 Billion in One Session; PNJ Hit Hardest

Overview

Foreign investors net sold nearly VND 1,400 billion (USD 54.4 million) on the last trading day of the week, July 24, with PNJ being the most sold stock at about VND 534 billion. HPG was the most bought stock at about VND 87 billion. The sell-off occurred as the VN-Index fell 13 points to 1,686, with matched order value on HoSE dropping to VND 11,840 billion.

Key Facts

• Foreign investors net sold VND 1,360 billion across all three exchanges on July 24.
• On HoSE, net selling reached VND 1,338 billion.
• PNJ was the most sold stock, with net selling of VND 534 billion.
• HPG was the most bought stock, with net buying of VND 87 billion.
• Other heavily sold stocks on HoSE included VIX (VND 86 billion), VHM and VPB (each ~VND 78 billion), and TCB (VND 76 billion).
• On HNX, net selling was VND 24 billion, led by SHS (VND 30 billion sold).
• On UPCoM, net buying was nearly VND 1 billion, with ALC seeing a spike of VND 56 billion bought.

What Happened

According to exchange data, foreign investors turned aggressive sellers on July 24, reversing recent buying trends. The net sell-off of VND 1,360 billion was concentrated on HoSE, where PNJ alone accounted for over a third of total net selling. The jewelry retailer saw VND 534 billion in net foreign outflows, far exceeding any other stock. Securities firms VIX and SHS also faced significant selling, as did real estate giant VHM and banks VPB and TCB.

On the buying side, foreign investors showed selective interest in steelmaker HPG, which was the top net buy at VND 87 billion. Other notable buys included E1VFVN30 ETF (VND 26 billion), VNM (VND 24 billion), VJC (VND 16 billion), and NAF (VND 14 billion). On HNX, PVS was the top buy at VND 18 billion, while on UPCoM, ALC saw a sudden VND 56 billion inflow.

Market Context

The heavy foreign selling came on a down day for the VN-Index, which fell 1.3% to 1,686. Trading volume on HoSE was subdued at VND 11,840 billion. HPG closed at VND 20,800, while PNJ closed at VND 30,750. The sell-off in PNJ is notable given its strong recent performance; the stock had rallied in previous weeks. VHM closed at VND 130,000 and VIX at VND 12,450. The broad-based selling across securities, real estate, and banking suggests a risk-off move by foreign investors, possibly related to global rate expectations or local regulatory concerns.

Strategic Significance

The divergence between PNJ and HPG highlights foreign investors’ shifting sector preferences. PNJ, a consumer discretionary stock, may be seen as overvalued after its run, while HPG, a cyclical steelmaker, could be viewed as a value play amid infrastructure spending. The heavy selling of securities stocks (VIX, SHS, MBS) indicates caution on the brokerage sector, which is sensitive to market turnover. The continued buying of VNM and VJC suggests foreign investors still favor consumer staples and aviation. The overall net selling, however, signals a cautious stance on Vietnamese equities in the near term.

What to Watch

• Further foreign flow data in the coming sessions to see if the selling is sustained or a one-off.
• PNJ’s Q2 earnings release for any fundamental reason behind the sell-off.
• HPG’s steel price outlook and export orders, which could justify continued foreign buying.
• SBV policy moves or regulatory changes affecting foreign ownership limits.
• VN-Index support level at 1,680 and whether domestic investors absorb foreign selling.