Proprietary desks net sell VND 870B on HOSE; TCB, MWG, MBB hit hardest

Overview

On the last trading day of the week (May 15, 2026), proprietary trading desks of securities companies recorded a record net sell of VND 870 billion on HOSE, with TCB, MWG, and MBB seeing the heaviest selling. Foreign investors also reversed to net selling with VND 817 billion across the entire market, contributing to a 0.2% decline in the VN-Index to 1,921.6.

Key Facts

• Proprietary desks net sold VND 870 billion on HOSE on May 15, 2026.
• TCB was the most sold stock by proprietary desks, with net selling of VND 232 billion.
• MWG followed with net selling of VND 183 billion, and MBB with VND 162 billion.
• Other stocks with significant net selling by proprietary desks: HPG (-VND 74 billion), CTG (-VND 67 billion), FPT (-VND 29 billion), VPB (-VND 25 billion), MSN (-VND 22 billion), VIC (-VND 19 billion), and CTD (-VND 15 billion).
• On the buying side, ACB was the most bought by proprietary desks, with net buying of VND 21 billion.
• Foreign investors net sold VND 817 billion across the entire market on the same day.
• VN-Index closed at 1,921.6, down 3.86 points (-0.2%).

What Happened

According to data from the Ho Chi Minh Stock Exchange (HOSE), proprietary trading desks of securities companies executed a record net sell of VND 870 billion on the last trading day of the week. The selling was concentrated in large-cap banking and retail stocks. TCB (Techcombank) led the sell-off with net selling of VND 232 billion, followed by MWG (Mobile World Group) at VND 183 billion and MBB (MBBank) at VND 162 billion. Other notable net sells included HPG (Hoa Phat Group), CTG (VietinBank), FPT (FPT Corporation), VPB (VPBank), MSN (Masan Group), VIC (Vingroup), and CTD (Coteccons).

On the buying side, proprietary desks net bought ACB (Asia Commercial Bank) with VND 21 billion, VGC (Viglacera) with VND 17 billion, and E1VFVN30 (a VN30 ETF) with VND 13 billion. Foreign investors also turned net sellers on the day, with total net selling of VND 817 billion across the market, adding to the selling pressure.

Market Context

The heavy selling from proprietary desks and foreign investors came on a day when the VN-Index declined 0.2% to close at 1,921.6. Among the most affected tickers, TCB closed at VND 34,050 (+0.15%), MBB at VND 25,650 (-0.77%), and MWG at VND 82,000 (-2.61%). HPG fell 1.85% to VND 26,550. These stocks are among the most liquid on HOSE and are widely held by both domestic and foreign institutions. The selling by proprietary desks, which often act as market makers or trade on their own account, may signal a short-term bearish view or portfolio rebalancing.

Strategic Significance

The coordinated selling by proprietary desks across multiple large-cap stocks suggests a tactical shift rather than a fundamental change in outlook for these companies. TCB, MBB, and MWG are all well-capitalized firms with strong market positions in banking and retail. However, the magnitude of the selling—nearly VND 900 billion in a single day—could weigh on short-term price momentum. For long-term investors, the key question is whether this selling is a one-off event or the start of a broader de-risking by domestic institutions. The concurrent foreign net selling adds to the caution, though foreign flows have been volatile in recent weeks.

What to Watch

• Whether proprietary desks continue net selling in the following sessions, particularly in TCB, MWG, and MBB.
• Foreign investor flows in the coming days; a sustained net sell-off could pressure the VN-Index.
• Any company-specific announcements from TCB, MWG, or MBB that might explain the concentrated selling.
• The VN-Index’s ability to hold above the 1,900 level, a key psychological support.
• Trading volumes on HOSE; elevated volumes on down days would confirm distribution.