TCB leads VND 350B proprietary sell-off on HOSE despite VN-Index gain
This Aveluro analysis covers TCB (Techcombank) on HOSE in the Banks sector. The classified event type is foreign flow, with negative sentiment and a deterministic market-impact score of 5.0/10. Aveluro classifies this story as a negative catalyst and risk signal for the affected stock. Source coverage came from Tuổi Trẻ - Kinh doanh, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
Overview
On August 18, proprietary trading desks at Vietnamese securities firms unexpectedly net sold VND 350 billion in stocks, despite a rising market. The sell-off was led by banks, with Techcombank (TCB) seeing the largest net selling at VND 61.9 billion. This occurred even as the VN-Index gained 0.26% to close at 1,732.02 points, highlighting a divergence between proprietary traders and the broader market.
Key Facts
- Proprietary desks net sold VND 350 billion in stocks on August 18; including warrants and fund certificates, net selling reached VND 435 billion.
- Buy-side value of VND 289 billion was the lowest since May 29, 2025.
- Total two-way trading value was VND 929 billion, about half the 20-session average of VND 1,836 billion.
- TCB led net selling with VND 61.9 billion, its strongest net sell session since August 4.
- Other top net sold stocks: HPG (VND 52.9 billion), STB (VND 35 billion), VIC (VND 33.4 billion), FPT (VND 22.2 billion), MCH (VND 19.2 billion).
- Banks as a group saw net selling of VND 161 billion, accounting for 46% of the market-wide net selling.
- No stock saw net buying above VND 7 billion; GAS led with VND 6.6 billion.
- Since the start of August, proprietary desks have net sold on 7 of 12 sessions, accumulating VND 1,198 billion in net selling.
What Happened
According to data from HOSE, proprietary trading desks at securities firms bought VND 289 billion and sold VND 639 billion in stocks on August 18, resulting in net selling of VND 350 billion. Including warrants and fund certificates, the net selling reached VND 435 billion. The buy-side value was the lowest since May 29, 2025, and total trading value was only half the recent average.
The sell-off was concentrated in banking stocks, with TCB leading at VND 61.9 billion, followed by HPG, STB, VIC, FPT, and MCH. In total, 16 banks saw net selling of VND 161 billion, representing 46% of the market-wide net selling. On the buying side, no stock exceeded VND 7 billion, with GAS leading at VND 6.6 billion.
Despite the selling pressure, the VN-Index rose 0.26% to 1,732.02 points, after briefly surpassing 1,750 points intraday. The VN30-Index fell slightly, while the HNX-Index gained 1.32%.
Market Context
TCB closed at VND 30,850 on August 18, down from recent levels, and the stock has been under pressure from proprietary selling. The broader banking sector has been a key driver of the VN-Index, but this session saw a notable divergence as proprietary desks reduced exposure. The VN-Index’s resilience despite the selling suggests that other investor groups, such as foreign investors or retail, may have absorbed the supply. TCB trades on HOSE, and its recent price action reflects the sector’s mixed sentiment.
Strategic Significance
The proprietary selling, particularly in banks, may signal short-term caution among domestic institutional traders, possibly due to valuation concerns or profit-taking after a strong run. However, the market’s ability to rise despite this selling indicates underlying demand from other participants. For long-term investors, the persistent net selling by proprietary desks over the past month (VND 1,198 billion since August 1) could be a contrarian indicator, but it also highlights the need to monitor liquidity and sentiment. The concentration in banks suggests that sector-specific factors, such as credit growth or interest rate expectations, may be driving the selling.
What to Watch
- Continued proprietary net selling in the coming sessions, especially in banking stocks like TCB and STB.
- Whether the VN-Index can sustain gains above 1,750 points, a key resistance level.
- Any regulatory or macroeconomic announcements that could affect bank profitability.
- Foreign investor flows, as they may offset or amplify the proprietary selling.
- Upcoming earnings reports from major banks for Q3 2026, which could provide fundamental support.