TCB Leads Foreign and Proprietary Net Selling on HOSE, September 25

Overview

On September 25, foreign investors net sold nearly VND 203 billion on HOSE, with Techcombank (TCB) and MSB absorbing the largest outflows at a combined VND 98 billion. Proprietary trading desks moved in the same direction, net selling VND 79 billion, led by TCB, EIB and GEE. The session marked a rare alignment of the two largest institutional flow channels on the sell side.

Key Facts

• Foreign investors net sold nearly VND 203 billion on HOSE on September 25.
• TCB and MSB together accounted for VND 98 billion of foreign net selling.
• Other notable foreign net sells: HPG (VND 79 billion), VIC (VND 78 billion), CTG (VND 62 billion).
• Foreign net buying was led by SBT at VND 247 billion, followed by BSR (VND 108 billion), MSR (VND 47 billion) and DCM (VND 45 billion).
• Proprietary desks net sold VND 79 billion on HOSE, concentrated in TCB (VND 147 billion), EIB (VND 79 billion) and GEE (VND 61 billion).
• Proprietary net buying was led by VPB at VND 223 billion, ahead of HPG (VND 23 billion) and FPT (VND 20 billion).
• TCB closed at VND 33,250 on September 25; MSB at VND 14,050, HPG at VND 20,650 and VIC at VND 232,000.

What Happened

The session data, compiled from HOSE trading statistics, shows foreign investors net sold close to VND 203 billion across the exchange. TCB and MSB were the primary targets, with combined net selling of VND 98 billion. Steelmaker HPG (VND 79 billion), real estate conglomerate VIC (VND 78 billion) and lender CTG (VND 62 billion) also recorded meaningful foreign outflows. On the buy side, SBT led with VND 247 billion in net purchases, followed by BSR, MSR and DCM.

Proprietary trading desks at securities firms mirrored the foreign stance, net selling VND 79 billion on HOSE. TCB again topped the sell list at VND 147 billion, followed by EIB (VND 79 billion) and GEE (VND 61 billion). The counterflow came through VPB, which drew VND 223 billion in proprietary net buying, well ahead of HPG and FPT. The article does not disclose the identity of specific foreign institutions or the reason behind the concentrated selling in TCB.

Market Context

TCB trades on HOSE and closed at VND 33,250 on September 25, the reference price for the session in which both foreign and proprietary desks were net sellers. MSB, also on HOSE, closed at VND 14,050, while HPG ended at VND 20,650 and VIC at VND 232,000. The dual-channel selling in banking names comes against a broader market backdrop in which foreign investors have been persistent net sellers on HOSE, and proprietary desks have increasingly tracked those flows rather than fading them.

Strategic Significance

For long-term investors, the key signal is the convergence of foreign and proprietary selling in the same banking names, particularly TCB. When two distinct institutional channels reduce exposure to the same ticker on the same day, it typically reflects a shared view on valuation or near-term earnings risk rather than a single fund’s portfolio rebalancing. The offsetting flows into SBT, BSR and VPB suggest the selling is selective, not a broad de-risking of Vietnamese equities. TCB’s role as a bellwether for the banking sector means sustained outflows here could weigh on sector sentiment more broadly.

What to Watch

• Subsequent daily foreign flow data for TCB and MSB to see whether the selling persists or reverses.
• Proprietary trading disclosures for TCB, EIB and GEE in the following sessions.
• Any foreign-ownership or block-trade filings related to TCB on the HOSE disclosure portal.
• Third-quarter earnings releases from Techcombank and MSB for credit growth and provisioning trends.
• Whether the VPB and SBT buying interest is sustained or proves to be a single-session rotation.