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Statistics from the beginning of the month to the 29/5 session show that foreign investors have net sold nearly 50 million CTG shares of VietinBank, with a net sell value of nearly VND 1,600 billion, marking the strongest net sell month in many years.
Notably, foreign investors’ net selling activities took place continuously in May with 18 out of 20 sessions, with the strongest selling force appearing in the two sessions of 28/5 (14.4 million shares) and 29/5 (10.6 million shares). In the last two sessions alone, foreign investors net sold a total of nearly 25 million CTG shares, equivalent to a value of nearly VND 800 billion.
Although no investment fund has reported a decrease in the holding ratio of CTG shares, some market sources believe that PYN Elite Fund, a foreign fund from Finland, has sold a large number of VietinBank shares in recent sessions.
In its market update report released on May 28, SmartInvest Securities Company said that at the end of April, PYN Elite Fund held about 8.4% of CTG in its portfolio of VND 20,000 billion, equivalent to VND 1,600 billion. Therefore, the CTG net selling chain may need another 3-5 sessions to end.
“We believe that CTG is in a low valuation zone and that PYN Elite Fund’s divestment may open up a mid-term buying point for many investors,” the securities company said.
It’s not just CTG, many bank stocks have also been heavily net sold by foreign investors in May.
For example, on May 22, 2024, the International Finance Corporation (IFC) sold more than 84 million ABB shares, equivalent to 8.2% of its ownership in An Binh Commercial Joint Stock Bank (ABBank) according to the agreed divestment roadmap. After the transaction, ABBank’s only remaining major foreign shareholder is Maybank – Malaysia’s largest bank, with a holding ratio of 16.4%. This was the strongest net sell of ABB shares by foreign investors since the stock started trading on the UPCoM market.
From the beginning of May, foreign investors also net sold nearly 41.4 million VPB shares, worth nearly VND 779 billion, and sold 27.5 million HDB shares, worth VND 656 billion; and sold 10.3 million TCB shares, worth nearly VND 497 billion.
This group also net sold a series of other bank stocks in the VN30 group, such as BID (VND 345 billion), VCB (VND 304 billion), MBB (VND 227 billion), etc.
