PNJ Leads Foreign Net Selling as VN-Index Falls 0.66% on October 2

Overview

Foreign investors net sold VND 3,283.32B on HOSE on October 2, with PNJ (HOSE) alone absorbing VND 1,264B in net outflows, the largest single-stock foreign exit of the session. The VN-Index closed down 0.66% at 1,737.71, while the HNX-Index fell 0.71% to 266.75. The breadth was decisively negative, with 436 decliners against 259 advancers market-wide.

Key Facts

• VN-Index fell 11.59 points (-0.66%) to 1,737.71; HNX-Index dropped 1.91 points (-0.71%) to 266.75.
• Foreign investors net sold VND 3,283.32B on HOSE, led by PNJ (VND 1,264B), HDB (VND 961.76B), VIC (VND 188.1B) and TCB (VND 146.89B).
• On HNX, foreign net selling reached VND 13.61B, concentrated in PVS (VND 9B), CEO (VND 6.99B), TNG (VND 2.7B) and SHS (VND 2.6B).
• Matched-order turnover on VN-Index exceeded 615 million shares, worth over VND 14.4 trillion; HNX-Index volume reached over 38 million shares, worth VND 578.3B.
• Energy was the worst-performing sector, down 2.35%, dragged by BSR (-2.87%), PLX (-2.32%), PVS (-1.47%) and PVD (-1.91%).
• Real estate was the only major sector to gain, led by VIC (+1.82%), KSF (+0.26%) and NVL (+0.48%).
• GAS, TCB, LPB and BID were the largest drags on the VN-Index, removing over 4.77 points combined.

What Happened

The session opened with the VN-Index recovering toward the reference level in early afternoon trading as buyers briefly returned. Selling pressure resumed, however, pushing the index back into negative territory through the close. Market breadth was heavily skewed to the downside, with 436 declining stocks versus 259 gainers; in the VN30 basket, 22 names fell, 5 rose and 3 closed flat.

Foreign flow data, reported in the session summary, showed net selling of VND 3,283.32B on HOSE. PNJ, the Phu Nhuan Jewelry Joint Stock Company, recorded the largest single-stock outflow at VND 1,264B. HDB followed at VND 961.76B, with VIC at VND 188.1B and TCB at VND 146.89B. On HNX, foreign investors net sold VND 13.61B, concentrated in PVS, CEO, TNG and SHS. The article does not disclose the identity of the selling foreign accounts or the specific transaction mechanisms used.

Market Context

PNJ (HOSE) closed at VND 23,050 on October 2, the session in which it recorded the largest foreign net outflow on the exchange. HDB closed at VND 28,450, TCB at VND 32,250 and VIC at VND 224,000. Despite the foreign selling in VIC, the real estate sector was the strongest performer of the day, with VIC gaining 1.82%. The broader market decline was led by energy, utilities and industrials, while the VN30 breadth reading of 22 decliners confirmed the risk-off tone. Liquidity rose versus the prior session, with HOSE matched-order value exceeding VND 14.4 trillion.

Strategic Significance

For long-term investors, the concentration of foreign selling in PNJ and HDB rather than across the entire market suggests stock-specific rebalancing rather than a broad withdrawal from Vietnamese equities. PNJ’s VND 1,264B outflow is large relative to its typical daily turnover, and the stock’s close at VND 23,050 will be a reference point for whether the selling represents a one-off portfolio adjustment or the start of a sustained de-rating. The divergence between foreign selling in VIC (VND 188.1B) and the stock’s 1.82% gain indicates domestic buyers absorbed the supply, a pattern worth monitoring across the large-cap complex.

What to Watch

• Foreign net flow data for PNJ and HDB over the next three to five sessions to determine whether the October 2 selling persists.
• PNJ’s next monthly or quarterly business update for jewelry retail revenue trends and any management commentary on foreign ownership.
• HDB’s Q3 2026 earnings release for credit growth and asset quality metrics.
• VN-Index support around the 1,737 level and whether energy sector weakness (BSR, PLX, PVS, PVD) continues.
• Any HOSE foreign-ownership room filings or block trade disclosures involving PNJ.