After a strong wave of net buying in early July, foreign investors have shifted back to net selling as the stock market continues to reach new highs. Beyond profit-taking, this reversal reflects growing concerns over the short-term nature of capital flows, foreign exchange risks, and lingering uncertainties in the global economic outlook. From record net buying to massive selling sessions In the first half of July, foreign investors played a pivotal role in driving the sharp rally in the stock market. On the HOSE, they recorded net purchases exceeding VND8.1 trillion, including an uninterrupted streak of 11 consecutive net buying sessions from July 2 to 16. Notably, on July 3 alone, net buying surged past VND2.2 trillion. The most actively accumulated stocks during this period included SSI (over VND3.4 trillion), VPB (VND1.4 trillion), and SHB (VND1.4 trillion), alongside Dragon Capital’s fund certificate FUEVFVND (VND1.3 trillion). This buying momentum was driven by the expectation that FTSE Russell would upgrade the local market in September, along with the positive response to the tariff agreement between Vietnam and the U.S.—one of the earliest agreements with competitive rates in the region. However, things have flipped since mid-July. Foreign investors have been net selling as […]