HPG Leads Proprietary Desk Net Selling as Foreign Investors Buy VND 812B

Overview

Proprietary trading desks at Vietnamese securities firms net sold VND 7 billion on HOSE in the Monday session, with Hòa Phát Group (HPG) the largest single-name outflow at VND 31 billion. The selling ran opposite to foreign investor flows, which net bought roughly VND 812 billion across the market, and to proprietary buying in banks STB and VPB.

Key Facts

• Proprietary desks net sold VND 7 billion on HOSE in the Monday session.
• HPG led net selling at VND 31 billion, followed by VIX (-16 billion), FPT (-15 billion), E1VFVN30 (-13 billion) and MCH (-11 billion).
• Other net-sold names included NLG and MBB (both -8 billion), MSN (-7 billion), VHM (-6 billion) and FUEPHVNS (-4 billion).
• STB drew the strongest proprietary net buying at VND 20 billion, ahead of VPB (19 billion), VIC (16 billion), MWG (13 billion) and NAB (12 billion).
• CTG (+9 billion), VCB (+6 billion), TCB (+5 billion), and ACB and SAB (+4 billion each) also saw net buying.
• Foreign investors net bought approximately VND 812 billion of equities market-wide.
• VN-Index closed up 2.11 points (+0.12%) at 1,829.25, recovering from an intraday dip toward 1,810 on thin liquidity.

What Happened

Proprietary trading activity at brokerage houses tilted slightly negative on HOSE, with the group net selling VND 7 billion, according to market data reported for the Monday session. The heaviest outflow was in HPG, where proprietary desks sold a net VND 31 billion, more than four times the market-wide net sell figure. VIX and FPT followed at VND 16 billion and VND 15 billion respectively, with index-tracking certificate E1VFVN30 and MCH also among the larger net-sold positions.

On the buy side, the flow concentrated in banking and consumer names. STB attracted VND 20 billion in net proprietary buying, VPB VND 19 billion, and VIC VND 16 billion, with MWG, NAB, CTG, VCB, TCB, ACB and SAB all recording smaller net purchases. The session itself was mixed: the VN-Index fell toward 1,810 before recovering to close at 1,829.25, up 0.12%, helped by technology and retail names. Foreign investors were the more decisive buyers on the day, net purchasing roughly VND 812 billion across the market.

Market Context

HPG trades on HOSE and closed at VND 20,900 on 14 September 2026. The stock sits in the Basic Resources sector, where proprietary desks have been trimming exposure while foreign investors have been net buyers of Vietnamese equities more broadly. FPT, also net sold by proprietary desks, closed at VND 72,400, while VIX closed at VND 12,600 and MCH at VND 141,900. The divergence between proprietary selling in steel and technology and proprietary buying in banks suggests desks are rotating toward rate-sensitive financials rather than exiting equities outright.

Strategic Significance

For long-term holders of HPG, the VND 31 billion proprietary outflow is small relative to the ticker’s typical daily turnover and does not by itself signal a change in the steel maker’s earnings trajectory. The more relevant signal is the direction of foreign flow: a VND 812 billion market-wide net buy, against modest proprietary selling, indicates that offshore capital remains a marginal buyer of Vietnamese equities even as domestic trading desks take profits in high-beta cyclicals. HPG’s exposure to construction steel demand and input costs remains the dominant driver of its earnings, not one session of proprietary positioning.

What to Watch

• Daily proprietary trading disclosures on HOSE to see whether HPG selling persists or reverses.
• Foreign net flow figures for the remainder of the week, to confirm the VND 812 billion net buy is not a one-session event.
• HPG’s next quarterly earnings release and any monthly steel output or pricing disclosures.
• VN-Index behaviour around the 1,810 support level and whether liquidity recovers from the thin Monday session.
• Any change in proprietary positioning in bank names STB, VPB and CTG, which absorbed the bulk of Monday’s buying.