Proprietary Trading Desks Turn Net Sellers; MSN Leads Sell-Off with VND 47B

Overview

Proprietary trading desks at Vietnamese securities companies reversed to net selling on the last trading session of the week (May 8), with a total net sell value of VND 25 billion. Masan Group (MSN) was the most sold stock, while Vinamilk (VNM) saw the strongest net buying. The shift comes after the VN-Index reached a new all-time high, triggering profit-taking pressure.

Key Facts

• Proprietary desks net sold VND 25 billion on May 8, reversing from net buying in prior sessions.
• MSN was the most sold stock, with net selling of VND 47 billion.
• Other top sold stocks: TCB (-VND 25 billion), ACB and GEX (each -VND 24 billion), VCB (-VND 13 billion), VIC (-VND 11 billion).
• VNM was the most bought stock, with net buying of VND 29 billion.
• Other top bought stocks: CTG and KDH (each VND 20 billion), STB and VHM (each VND 19 billion), HDB (VND 12 billion), MWG (VND 11 billion).
• Foreign investors net sold approximately VND 916 billion on the same day.
• VN-Index closed at 1,915.37, up 6.36 points (+0.33%) on May 8.

What Happened

According to data from securities firms, proprietary trading desks turned net sellers on May 8, with a total net sell value of VND 25 billion. The selling pressure was concentrated on large-cap stocks, with MSN leading the sell-off at VND 47 billion. Other notable net sold stocks included TCB, ACB, GEX, VCB, and VIC.

On the buying side, VNM was the top pick, with net buying of VND 29 billion. Other stocks that saw net buying included CTG, KDH, STB, VHM, HDB, MWG, and VPX. The activity occurred as the broader market faced profit-taking after the VN-Index hit a record high earlier in the week.

Market Context

MSN closed at VND 77 on April 15, 2026, down 0.64% with volume of 3.35 million shares on HOSE. The stock has been under pressure from foreign selling and now from proprietary desk selling. The VN-Index’s recent all-time high has triggered profit-taking across the board, with both foreign investors and proprietary desks reducing exposure. The banking sector (TCB, ACB, VCB) also saw significant net selling, reflecting cautious sentiment.

Strategic Significance

The reversal of proprietary trading desks to net selling suggests short-term profit-taking after the market’s rally. MSN, as a consumer staples stock, is often a target for both foreign and domestic institutional flows. The concentrated selling in MSN may reflect concerns about its valuation or near-term earnings outlook, though the company’s fundamentals remain tied to its diversified consumer platform. The buying in VNM, a defensive stock, indicates a preference for stability amid market volatility.

What to Watch

• Upcoming MSN earnings release for Q1 2026 to assess fundamental support.
• Continued foreign flow trends, as foreign net selling of VND 916 billion on May 8 adds to selling pressure.
• Proprietary desk activity in the following sessions to see if the selling persists.
• VN-Index price action around the 1,915 level and potential support levels.
• Sector rotation: whether buying in VNM and other defensives signals a broader shift.