Foreign Investors Net Sell Over 3,240 Billion VND on HoSE, MSB Most Sold

Overview

Foreign investors intensified net selling on the Ho Chi Minh Stock Exchange (HoSE) on May 22, recording a net sell value of over 3,240 billion VND, the highest in 1.5 months. The selling was concentrated in MSB, which alone saw net outflows of 1,474.5 billion VND. The VN-Index fell nearly 20 points, dragged down by large-cap stocks including VIC, HPG, VHM, and MBB.

Key Facts

• Foreign investors net sold over 3,240 billion VND on HoSE on May 22, the highest daily level in 1.5 months.
• MSB (Maritime Bank) was the most sold stock, with net selling of 1,474.5 billion VND.
• Other stocks with net selling over 100 billion VND included VIC, HPG, VHM, and MBB.
• No stock recorded net buying of over 100 billion VND.
• The VN-Index closed at 1,877 points, down nearly 20 points from the previous session.
• Total trading value on HoSE reached over 22,300 billion VND, up nearly 300 billion VND from the prior session.
• VHM contributed the most to the index decline, taking off over 5 points.

What Happened

Foreign investors extended their net selling streak to six consecutive sessions on May 22, with total net selling on HoSE reaching approximately 3,240 billion VND, the highest level in one and a half months. The selling pressure was most intense on MSB, which recorded net selling of 1,474.5 billion VND. Other stocks facing significant net selling included VIC, HPG, VHM, and MBB, each with net outflows exceeding 100 billion VND. No stock saw net buying above 100 billion VND.

The VN-Index fell nearly 20 points to close at 1,877 points, after briefly dropping as much as 41 points in the morning session. The market breadth was negative, with 177 declining stocks versus 133 advancing stocks on HoSE. Selling pressure spread across multiple sectors, including technology, real estate, chemicals, banking, and retail. However, some sectors such as construction materials, securities, and resources managed to stay positive.

Market Context

MSB closed at 14,400 VND on May 22, down 0.35%, with volume of 17.6 million shares. The stock has been under pressure from foreign selling, which has been a key factor in its recent price weakness. VHM fell 3.75% to 153,800 VND, VIC declined 1.01% to 216,500 VND, and HPG dropped 0.75% to 26,350 VND. The VN-Index’s decline was driven largely by these large-cap stocks, with VHM alone contributing over 5 points to the index loss. The broader market saw total trading value on HoSE rise slightly to over 22,300 billion VND, indicating that selling pressure was not accompanied by a significant increase in volume, suggesting cautious sentiment among domestic investors.

Strategic Significance

The sustained foreign net selling, particularly in MSB, reflects ongoing foreign investor caution toward Vietnamese equities amid global and domestic uncertainties. The concentration of selling in MSB, a mid-cap bank, may indicate specific concerns about the bank’s fundamentals or sector outlook. The lack of any stock with net buying above 100 billion VND underscores the broad-based nature of the outflow. For long-term investors, this trend could present valuation opportunities if the selling is driven by short-term factors rather than structural deterioration. However, the persistence of foreign outflows may weigh on market sentiment and liquidity in the near term.

What to Watch

• Continuation of foreign net selling in the coming sessions, especially in MSB and other heavily sold stocks.
• Any official statement or filing from MSB regarding foreign ownership limits or corporate actions that may explain the concentrated selling.
• VN-Index support levels around 1,850-1,860 points and whether buying interest emerges at lower levels.
• Upcoming macroeconomic data, including inflation and trade figures, that could influence foreign investor sentiment.
• Policy responses from the State Securities Commission or the State Bank of Vietnam to address foreign outflows.