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Chứng khoán MB nhận định nhịp mua ròng của khối ngoại quanh ngày 28/7 có thể phản ánh sự quay lại của dòng vốn P-Notes, vốn thường tạo sóng ngắn nhưng tiềm ẩn rủi ro đảo chiều.
Các ý chính:
- MBS ghi nhận khối ngoại mua ròng trở lại từ phiên 28/7 sau 7 tháng bán ròng, tập trung vào các cổ phiếu trụ cột như FPT, VIC, HPG.
- Chứng khoán MB cho rằng lực mua này có thể giúp cải thiện thanh khoản và tâm lý thị trường trong ngắn hạn sau giai đoạn điều chỉnh.
- Theo thống kê của MBS, các đợt P-Notes xuất hiện thường chỉ kéo dài 1,5–2 tháng và tạo ra biến động mạnh khi dòng vốn rút ra.
- Trong quá khứ, giai đoạn khối ngoại mua ròng 16.500 tỷ đồng cuối 2018 – đầu 2019 đã hỗ trợ VN-Index hồi phục lên trên 1.000 điểm.
- MBS cũng dẫn chứng năm 2022 khi khối ngoại mua ròng 19.000 tỷ đồng giúp VN-Index tăng từ khoảng 900 điểm lên 1.245 điểm vào tháng 9/2023.
- MBS cảnh báo P-Notes có tính đầu cơ cao, khó theo dõi nguồn gốc và chưa từng là yếu tố đỡ thị trường bền vững dài hạn.
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