HPG leads broker proprietary buying on VN derivatives expiry, foreign selloff

Overview

On the August 2026 derivatives expiry session (August 20), securities firms’ proprietary trading desks bought a net 587 billion VND on HoSE, with HPG (HOSE) the top pick at 66 billion VND. Meanwhile, foreign investors sold a net 560 billion VND across the market, a notable divergence that shaped the session’s flow dynamics.

Key Facts

• VN-Index rose 7.55 points (+0.44%) to close at 1,731.24 on August 20, 2026.
• Broker proprietary trading net bought 587 billion VND on HoSE during the session.
• HPG led proprietary buying with 66 billion VND, followed by VIC and FUEMAV30 at 57 billion VND each.
• FPT saw net buying of 43 billion VND; STB 40 billion VND; VNM 35 billion VND; VPB and VHM 31 billion VND each; LPB 30 billion VND; MBB 25 billion VND.
• VCB was the most sold by proprietary desks at 22 billion VND, followed by TCB (13 billion VND) and CTG (5 billion VND).
• Foreign investors sold a net 560 billion VND across the whole market on the same day.

What Happened

On the August 2026 derivatives expiry, the Vietnamese market showed relative resilience as the VN-Index edged higher, supported by large-cap stocks, despite declining overall liquidity. The session marked the settlement of August futures contracts, a period often characterized by elevated volatility and positioning adjustments.

According to exchange data, proprietary trading desks at securities firms were net buyers on HoSE, accumulating 587 billion VND. The buying was concentrated in blue-chip and mid-cap names, with HPG receiving the largest net inflow of 66 billion VND. Other notable buys included VIC and FUEMAV30 (an ETF), each at 57 billion VND, along with FPT, STB, VNM, VPB, VHM, LPB, and MBB. In contrast, VCB saw the largest net selling by proprietary desks at 22 billion VND, with smaller outflows from TCB and CTG.

Market Context

HPG closed at 21,150 VND on August 20, 2026, on HOSE. The stock has been a focal point for both domestic and foreign investors given its steel sector leadership. The proprietary buying aligns with a broader trend of domestic institutions stepping in when foreign investors reduce exposure. On the same day, foreign investors sold a net 560 billion VND across the market, continuing a pattern of net selling that has pressured large caps. The VN-Index’s modest gain despite foreign outflows suggests domestic liquidity is providing a floor, but the divergence in flows remains a key theme.

Strategic Significance

For long-term investors, the proprietary buying in HPG and other large caps signals that domestic brokerages see value at current levels, potentially anticipating a rebound in steel demand or broader market strength. The concentration in HPG, VIC, and FPT suggests a preference for cyclical and technology names with strong fundamentals. However, persistent foreign selling could cap upside, especially if it reflects broader emerging-market outflows. The ability of domestic institutions to absorb foreign supply is a positive sign for market stability, but the sustainability of this dynamic will depend on earnings delivery and macro conditions.

What to Watch

• HPG’s monthly steel sales and export data for August 2026, typically released in early September.
• Foreign net flow trends over the next two weeks to see if the selling accelerates or reverses.
• The next derivatives expiry (September 2026) for any repeat of proprietary buying patterns.
• Q3 2026 earnings reports from HPG and other heavily traded names, due in October.
• Any regulatory changes affecting foreign ownership limits or trading rules.