Persistent foreign selling weighs on market outlook

Foreign investors are maintaining a steady pace of withdrawals, reflecting ongoing global pressures and shifting investment priorities.

- By Le Khanh

Foreign investors recorded a tenth consecutive session of net outflows on May 6, with total withdrawals of approximately $44.7 million across all three exchanges. Selling was concentrated in large-cap names, including FPT Corporation, Asia Commercial Joint Stock Bank, Hoa Phat Group, and Vingroup.

This trend was most evident on the Ho Chi Minh Stock Exchange (HSX), where foreign investors accounted for the bulk of the outflows. Net selling on the bourse exceeded $44.2 million, equivalent to 21.5 million shares. Pressure intensified in the May 6 session, when FPT led the decline with net sales of $18.2 million.

Beyond HSX, foreign activity was more mixed but remained subdued. On the Hanoi Stock Exchange (HNX), net selling was modest at just over $80,000, with C.E.O. Group seeing the largest outflows. Other stocks under selling pressure included Saigon-Hanoi Securities, IDICO Corporation, DXP Enterprises, and MB Securities.

Similarly, the Unlisted Public Company Market (UPCoM) market recorded net sales of around $400,000. Airports Corporation of Vietnam led the decline, while Asia Base Holdings also saw minor outflows. On the buying side, Quang Ngai Sugar posted the largest net purchases, though at a relatively small scale.