Techcombank (TCB) Leads Proprietary Desk Net Selling on HoSE

Overview

Proprietary trading desks at Vietnamese securities companies net sold VND 218 billion on HOSE on September 28, with Techcombank (TCB) the single largest target at -VND 164 billion. Foreign investors net sold approximately VND 221 billion across the market on the same session, while VN-Index closed down 4.43 points (-0.25%) at 1,780.68. The selling pressure concentrated in bank tickers TCB, EIB, and NAB.

Key Facts

• Proprietary desks net sold VND 218 billion on HOSE on September 28.
• TCB led net selling at -VND 164 billion, followed by EIB at -VND 101 billion and NAB at -VND 93 billion.
• VHM and MSB each recorded -VND 16 billion; VCK -VND 6 billion; HDB -VND 5 billion; FUEVFVND, VPL and VIC each -VND 4 billion.
• VPB was the largest net buy at VND 172 billion, followed by HPG (VND 23 billion), MWG (VND 9 billion) and STB (VND 7 billion).
• Foreign investors net sold roughly VND 221 billion market-wide, equivalent to about USD 8.84 million.
• VN-Index closed at 1,780.68, down 4.43 points or 0.25%, after touching roughly 1,760 intraday.
• TCB closed at VND 32,850; EIB at VND 16,750; NAB at VND 12,350; VHM at VND 69,500.

What Happened

Vietnamese securities firms’ proprietary trading books turned net sellers on HOSE in the September 28 session, offloading VND 218 billion of listed equities on a net basis. The flow was heavily concentrated: Techcombank (HOSE: TCB) alone accounted for VND 164 billion of net selling, with EIB (-VND 101 billion) and NAB (-VND 93 billion) rounding out the top three. Smaller net sales were recorded in VHM, MSB, VCK, HDB, FUEVFVND, VPL and VIC.

The session opened lower under broad selling pressure, with the benchmark VN-Index dipping toward 1,760 points before recovering through the afternoon on strength in the energy group. It closed at 1,780.68, down 0.25%. Foreign investors were net sellers of about VND 221 billion across the market, compounding the proprietary outflow. On the buy side, VPB attracted the largest proprietary net purchase at VND 172 billion, followed by HPG, MWG, STB, VCI, GVR, FPT, PLX, VCG and MSN. The figures are drawn from daily market trading data reported by local financial media.

Market Context

TCB trades on HOSE and closed the September 28 session at VND 32,850. The proprietary selling in TCB, EIB and NAB sits within a banking sector that has been a persistent focus of both domestic institutional and foreign flows, and the session’s combined proprietary and foreign net selling of roughly VND 439 billion points to a risk-reduction posture among professional money rather than isolated position trimming. VN-Index holding above 1,780 despite that pressure, helped by energy names, suggests the broader market absorbed the supply without a decisive break of the 1,760 support zone.

Strategic Significance

For long-term holders of TCB, the relevant question is whether the VND 164 billion proprietary net sale reflects a valuation call on the bank specifically or a broader de-risking of banking exposure ahead of the next reporting cycle. Proprietary desks are typically shorter-horizon traders, so a single-session outflow is not evidence of a change in TCB’s franchise: the bank’s earnings trajectory, credit growth and asset-quality trends remain the drivers of intrinsic value. The more informative signal is the divergence within the sector, with VPB drawing VND 172 billion of net buying while TCB, EIB and NAB were sold, indicating that desks are rotating within banking rather than exiting it. Foreign net selling of VND 221 billion market-wide, if sustained, would matter more for index-level liquidity and valuation multiples than for any single ticker’s fundamentals.

What to Watch

• Whether proprietary desks continue net selling TCB in subsequent sessions or the flow reverses within the week.
• Foreign investor net flow on HOSE over the coming sessions, to see if the VND 221 billion outflow is a one-day event or the start of a trend.
• Whether VN-Index holds the 1,760 support zone on a closing basis.
• Third-quarter earnings disclosures from TCB and peer banks, which will test whether the rotation within the sector is fundamentals-driven.
• Any foreign-ownership or block-trade filings involving TCB, EIB or NAB that would explain the concentration of selling.