Finnish fund PYN Elite Fund sold 1,038,000 DSE shares of DNSE Securities through order matching on the October 20, 2026 session, reducing its stake from 8.2% to 7.95% of charter capital and leaving it with over 34.06 million shares. DSE closed October 27 at VND 19,900 per share, making the shares sold worth about VND 2 billion and the remaining stake worth about VND 678 billion. Managed by Petri Deryng, the fund has over 27 years of experience in Asian markets and has invested in Vietnam since 2013, with assets under management of about €805 million (over VND 23,400 billion) as of its September report. The fund fell 6.34% in September versus a 3.5% drop in VN-Index and is down 12.67% year to date, with its largest holdings being STB (18.2%), HPG (14.3%) and MWG (10.2%). The fund still holds a positive long-term view of Vietnam's stock market, arguing that recent price declines have not fully reflected the underlying fundamentals.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: "Cá mập" quy mô hơn 23.000 tỷ vừa bán hàng triệu cổ phiếu chứng khoán, còn nắm gần 8% công ty
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Liquidity in Vietnam's stock market fell below VNĐ15 trillion (US$579 million) per session in September, despite the FTSE Russell upgrade to secondary emerging-market status. SGI Capital warns that high margin lending, weak liquidity and rising deposit rates could push more investors out of stocks and trigger a cycle of margin calls if prices keep falling. Once collateral values drop below required thresholds, brokers may demand more collateral or force-sell holdings, which adds supply and pushes prices lower. Foreign investors have resumed net selling since the start of the year, while listed firms continue to need substantial new capital. The impact depends on the composition of margin debt, collateral ratios and investors' ability to add funds, and the fourth quarter typically brings higher liquidity demand.
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On the 27/10 session, the VN-Index fell 1.68 points (-0.10%) to 1,761.87 points, extending a second straight day of correction with low liquidity and heavier selling in the afternoon session. Foreign investors net sold 319 billion VND across the market, while proprietary trading of securities companies net bought 207 billion VND on HoSE. VPB was the most-bought stock at 61 billion VND, followed by TCB (52 billion), MWG (51 billion) and HPG (33 billion). In the opposite direction, proprietary trading net sold most heavily in VGC at 18 billion VND, followed by GMD (16 billion), while VCB and KDH each recorded 9 billion VND.
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Total lending at securities firms, including margin loans and advances on sales, is estimated at about VND 455,000 billion at the end of Q3/2026, up VND 10,000 billion from the previous quarter, equal to roughly 5.1% of the market capitalization of the two exchanges and the highest level in history. Meanwhile, HoSE's matched trading value averaged only over VND 13,403 billion per session in September, down more than 60% year on year, and the VN-Index fell nearly 4.7% in Q3. Bùi Văn Huy, General Director of FIDT, says most margin balances are likely in bespoke “deal” loans where shares serve as collateral, though public data cannot precisely determine the share. Balances are concentrated among 18 securities firms with lending above VND 10,000 billion, about two-thirds of which have bank backing. The article also notes that margin balances have grown roughly in line with foreign investors' cumulative net selling of about VND 350,000 billion over roughly the past five years.
- A Bank Stock Is Being Accumulated by Securities Firm Proprietary Trading for Hundreds of Billions of VND This Weekend
Securities firms' proprietary trading net bought VND 12 billion on HOSE, led by ACB at VND 240 billion, followed by TCB (VND 55 billion), VPB (VND 26 billion) and VIC (VND 20 billion). On the other side, the group net sold most heavily at KBC at VND 204 billion, followed by TPB (VND 171 billion) and FPT (VND 23 billion). In the weekend session of 23/10, VN-Index dipped slightly on selling pressure in banking and securities stocks, then turned higher to close up 13.52 points (0.77%) at 1,774.15 points as buying improved. Foreign investors reversed course to net sell VND 470 billion after two consecutive sessions of net buying.
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The market rose for a second straight session, with the VN-Index closing up 21.96 points (+1.26%) at 1,760.63. Foreign investors net bought about VND 347 billion of stocks across the market, while securities firms' proprietary desks net bought VND 30 billion on HOSE. VCB drew the biggest net buying at VND 126 billion, followed by VPB (VND 69 billion) and GAS (VND 68 billion). On the sell side, proprietary desks net sold VND 162 billion of HDB and VND 29 billion of FPT.
- Notable stocks at the open of the 20/10 session
Market liquidity fell sharply in the 12–16/10 trading week, with average trading value on HOSE and HNX dropping below 14 trillion VND. The VN-Index lost more than 29 points that week, with VIC and VHM the biggest drags. Securities stocks have fallen over 24% since the start of the year despite expected gains from a market upgrade. In the 19/10 session, ACB saw net selling of hundreds of billions by foreign and proprietary investors, while large money flows moved against the trend at FRT and CTG. Also, 21 of 22 tracked construction and building materials stocks have declined since early 2026, and HOSE moved PLP to restricted trading on 16/10.
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