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Chứng khoán MBS cho rằng đà mua ròng trở lại của khối ngoại từ cuối tháng 7/2026 có khả năng xuất phát từ dòng vốn P-Notes, trong bối cảnh thị trường vừa trải qua hai tháng điều chỉnh liên tiếp.
Các ý chính:
- MBS ghi nhận khối ngoại chuyển từ bán ròng bảy tháng đầu năm sang mua ròng từ phiên 28/7, lực mua tập trung vào nhóm cổ phiếu trụ cột.
- Theo thống kê lịch sử, các đợt mua mạnh của P-Notes thường đi kèm nhịp rung lắc hoặc điều chỉnh khoảng 7–10% khi dòng vốn này suy yếu.
- Dòng P-Notes có tính đầu cơ cao, khó truy vết nguồn gốc và có thể rút vốn nhanh, thường xuất hiện khi thị trường vừa tạo đáy với thanh khoản thấp.
- Khi dòng tiền bắt đầu phân phối, áp lực bán có thể dồn vào chính những mã từng được gom mạnh, gây biến động ngắn hạn đáng kể.
- MBS đánh giá P-Notes không phải yếu tố hỗ trợ dài hạn, nhưng thường mang lại các nhịp sóng ngắn đến trung hạn vừa có cơ hội vừa có thách thức.
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