PNJ Leads Foreign Net Buy of VND 1.26 Trillion as ETF Rebalancing Drives Record HoSE Liquidity

Overview

Phu Nhuan Jewelry (PNJ), listed on the HoSE, attracted the largest foreign net buy of VND 269 billion during a major ETF portfolio restructuring session on September 18, 2026. The rebalancing drove HoSE matching liquidity to a four-month record of VND 22,053 billion and total foreign net buying on the exchange to VND 1,262.2 billion, even as the VN-Index closed down 0.39%.

Key Facts

• Foreign investors net bought VND 1,262.2 billion on HoSE, with PNJ leading at VND 269 billion.
• Other top net buys: HPG +VND 250 billion, SHB +VND 220 billion, STB +VND 201.1 billion, NVL +VND 200.8 billion, MCH +VND 164.2 billion, HDB +VND 139 billion, FPT +VND 131.9 billion, SSI +VND 126.4 billion, VJC +VND 125.6 billion, MSN +VND 116.3 billion, VCK +VND 116.3 billion, SSB +VND 103 billion, VNM +VND 101.7 billion.
• Foreign net sells were led by VIC -VND 320.4 billion, TCB -VND 201.5 billion, CTG -VND 164.2 billion, VPB -VND 120.2 billion, and MBB -VND 104.8 billion.
• HoSE matching liquidity reached VND 22,053 billion, the highest in four months, excluding put-through transactions.
• VN-Index fell 0.39% (-7.11 points) to close lower, while VN30-Index dropped 0.55%; Midcap and Smallcap rose 0.79% and 0.41% respectively.
• Market breadth on HoSE was positive with 185 gainers versus 130 decliners, but VN30 lagged with 10 gainers and 17 decliners.
• Afternoon liquidity surged 142% compared to the morning session, partly due to the at-the-close (ATC) ETF rebalancing orders.

What Happened

On September 18, 2026, the Ho Chi Minh Stock Exchange (HoSE) experienced a session dominated by ETF portfolio restructuring, which typically occurs when funds adjust holdings to track index changes. According to market data, foreign investors were aggressive net buyers, with PNJ seeing the highest net inflow of VND 269 billion. The buying spree extended to a broad list of large- and mid-cap stocks, including HPG, SHB, STB, and NVL, each receiving over VND 200 billion in net foreign purchases. On the selling side, VIC, TCB, CTG, VPB, and MBB faced net foreign outflows, with VIC alone seeing VND 320.4 billion sold.

The session was marked by extreme divergence. While the VN-Index and VN30-Index declined due to weakness in banking heavyweights such as BID (-2.59%), CTG (-3.66%), TCB (-3.22%), VPB (-2.66%), MBB (-3.16%), and ACB (-3.95%), the broader market showed resilience. Midcap and Smallcap indices gained, and overall breadth remained positive with 185 advancers against 130 decliners. Securities stocks stood out: SSI rose 1.18%, VIX 2.33%, VCI 3.25%, VND 2.7%, and VCK 3.3%, all with substantial turnover. The article notes that the VN-Index decline was largely technical and not representative of the underlying buying interest, as ETF-related trading in blue chips distorted the index.

Market Context

PNJ, a leading jewelry retailer on HOSE, closed at VND 36,750 on September 18, 2026. The stock has been a consistent foreign favorite in the consumer discretionary space. The broader Vietnamese market has seen increased volatility due to global ETF flows and periodic rebalancing. The record liquidity of VND 22,053 billion on HoSE underscores the growing participation of institutional investors. Despite the index drop, the positive market breadth and strong mid-cap performance suggest underlying strength. The banking sector, which had led the recent rally, saw profit-taking, while securities and real estate stocks attracted speculative interest. Foreign net buying of VND 1,262.2 billion, equivalent to approximately USD 50.5 million, signals continued confidence in select Vietnamese equities.

Strategic Significance

For long-term investors, the ETF-driven foreign inflow into PNJ highlights the stock’s growing weight in global and regional indices, which can lead to more stable institutional ownership and lower volatility over time. PNJ’s strong brand, retail network, and consistent earnings make it a prime candidate for index inclusion and foreign accumulation. The session also reveals a rotation within the market: while blue-chip banks faced selling, mid-cap stocks in securities, real estate, and retail attracted buying. This suggests that investors are looking beyond the index heavyweights for growth opportunities. The record liquidity indicates deepening market participation, which could support valuations across the board. However, the divergence between the VN-Index and market breadth warns that index-level performance may not fully reflect the health of the broader market.

What to Watch

• Follow-up foreign flow data in the next few sessions to see if the ETF-related buying in PNJ and other stocks is sustained.
• The VN-Index’s ability to hold above key support levels, especially as banking stocks correct.
• Any announcements regarding new ETF listings or changes in index weights that could affect PNJ and peers.
• The State Bank of Vietnam’s policy signals, given the banking sector’s sensitivity to interest rate changes.
• Quarterly earnings releases from PNJ and other affected tickers to confirm fundamental strength.