VIX leads proprietary selling as foreign investors extend net selling streak

Overview

On September 9, both proprietary traders and foreign investors extended their net selling streaks on the Ho Chi Minh Stock Exchange (HOSE), with proprietary net selling of VND 259 billion and foreign net selling of VND 275 billion. The most notable proprietary sell was in VIX, reaching VND 179 billion, while foreign investors favored HPG, HDB, TCB, and FPT. VHM saw the largest foreign net selling.

Key Facts

• Proprietary traders net sold VND 259 billion on HOSE on September 9, marking the seventh consecutive session of net selling.
• VIX was the top proprietary net sell, with VND 179 billion, far exceeding MCH (VND 20.5 billion) and ACB (VND 17.5 billion).
• VCB was the top proprietary net buy, with VND 47.5 billion.
• Foreign investors net sold VND 275 billion, the third consecutive session of net selling.
• HPG led foreign net buying with VND 235 billion, followed by HDB (VND 109 billion), TCB (VND 107 billion), and FPT (VND 105 billion).
• VHM was the top foreign net sell at VND 292 billion, followed by VIC (VND 118 billion) and VCB (VND 107 billion).
• The foreign net selling on September 9 reversed the net buying seen in late August, which had been linked to FTSE Russell upgrade expectations.

What Happened

On September 9, proprietary trading desks at securities companies recorded their seventh consecutive session of net selling on HOSE. Matching-order data showed purchases of VND 350 billion against sales of VND 609 billion, resulting in a net sell of VND 259 billion. The selling was heavily concentrated in VIX, which saw net selling of VND 179 billion, far ahead of other names like MCH (VND 20.5 billion) and ACB (VND 17.5 billion). On the buying side, VCB stood out with net purchases of VND 47.5 billion.

Foreign investors also extended their net selling streak to three sessions, with total net selling of VND 275 billion (buying VND 1,833 billion and selling VND 2,108 billion). This follows a strong net sell on September 3, the first session after the National Day holiday. The renewed selling comes shortly after a period of net foreign buying in late August, which had raised hopes of a sustained return of foreign capital alongside Vietnam’s official upgrade by FTSE Russell. The reversal has cast doubt on whether the late-August inflows were merely short-term fluctuations.

Market Context

VIX, listed on HOSE, closed at VND 13,600 on September 9. The stock has been under pressure from sustained proprietary selling, which may reflect concerns about the company’s trading book or broader market sentiment. The overall market saw foreign net selling of VND 275 billion, with VHM (real estate) the most sold, followed by VIC and VCB. In contrast, foreign investors bought cyclical and tech names like HPG (steel), HDB, TCB (banks), and FPT (technology). The divergence suggests a rotation rather than a broad-based exit, but the persistence of net selling by both domestic proprietary desks and foreign institutions signals cautious near-term sentiment.

Strategic Significance

For VIX, the heavy proprietary selling highlights potential internal risk reduction or profit-taking by securities companies, which often act as market makers and liquidity providers. The concentration of selling in VIX, a mid-cap brokerage, may reflect specific concerns about its earnings outlook or exposure to margin lending. For the broader market, the return of foreign net selling after a brief buying spree underscores the fragility of foreign flows, which remain sensitive to global interest rates, currency movements, and the pace of Vietnam’s market upgrade progress. The divergence between foreign buying in HPG, HDB, TCB, and FPT versus selling in VHM and VIC suggests a preference for sectors with stronger earnings visibility or export exposure.

What to Watch

• Whether proprietary net selling at VIX continues in the coming sessions, and if any company announcements (e.g., margin lending data, business results) explain the persistent selling.
• Foreign net flow data for the remainder of September, to see if the selling streak extends or reverses.
• Any updates from FTSE Russell regarding Vietnam’s market upgrade timeline, which could influence foreign investor sentiment.
• Q3 earnings reports from VIX and other affected tickers, due in October, for fundamental confirmation.
• Regulatory changes or policy measures from the State Securities Commission that might affect trading activity or foreign ownership limits.