Proprietary Trading Net Buys VND 166B on HOSE; KBC Leads with VND 94B

Overview

Proprietary trading desks of securities firms net bought VND 166 billion on HOSE on the first trading day after the holiday, with KBC (Kinh Bac City Development Holding Corporation) receiving the largest net purchase of VND 94 billion. Foreign investors were net sellers of VND 1,247 billion, creating a contrasting flow dynamic. The data reflects domestic institutional support for selected stocks amid foreign selling pressure.

Key Facts

• Proprietary desks net bought VND 166 billion on HOSE on the first post-holiday session.
• KBC was the top net buy at VND 94 billion.
• Other major net buys: MSN (VND 48 billion), HPG (VND 44 billion), MBB (VND 40 billion), SMC (VND 20 billion), FPT (VND 15 billion), TCB and EIB (each VND 15 billion), VCB (VND 14 billion), HCM (VND 6 billion).
• Top net sells by proprietary desks: MWG (-VND 39 billion), SSI (-VND 27 billion), VPB (-VND 15 billion), STB (-VND 12 billion), CTG (-VND 10 billion).
• Foreign investors net sold VND 1,247 billion on the same day.
• VN-Index closed nearly flat at 1,854.06 points, down 0.04 points.

What Happened

On the first trading session of May, the VN-Index edged down 0.04 points to 1,854.06, pressured by weakness in Vingroup stocks. Proprietary trading desks of securities companies stepped in as net buyers, accumulating VND 166 billion worth of shares on HOSE. According to exchange data, KBC was the standout with net buying of VND 94 billion, followed by MSN, HPG, and MBB. In contrast, foreign investors were net sellers of VND 1,247 billion, extending their recent selling trend. The proprietary desks also trimmed positions in MWG, SSI, VPB, STB, and CTG.

Market Context

KBC (HOSE) closed at VND 34, up 0.15% on low volume of 2.5 million shares on April 10, 2026. HPG (HOSE) fell 1.75% to VND 28 on volume of 27.5 million shares on April 15. MBB (HOSE) edged down 0.37% to VND 27, and MSN (HOSE) slipped 0.64% to VND 77. The broad market saw mixed performance, with foreign selling weighing on sentiment. Proprietary buying provided some support, particularly for KBC, which has been a focus of industrial real estate plays.

Strategic Significance

The strong proprietary buying in KBC signals domestic institutional conviction in the industrial park developer amid foreign outflows. KBC’s land bank in Bac Ninh and surrounding provinces positions it to benefit from manufacturing relocation trends. The divergence between proprietary and foreign flows suggests that while foreign investors are reducing exposure, local securities firms see value in specific names. This pattern may indicate a shift in market leadership toward stocks with strong fundamentals and domestic catalysts.

What to Watch

• KBC’s upcoming quarterly earnings report for Q1 2026 to assess operational momentum.
• Continuation of foreign selling; a sustained outflow above VND 1,000 billion per session could pressure the VN-Index.
• Proprietary trading activity in subsequent sessions to see if KBC buying persists.
• Policy developments in industrial real estate, including land lease incentives and FDI trends.
• Volume and price action for KBC around the VND 34 level for signs of accumulation.