{"id":18210,"date":"2010-09-09T16:45:44","date_gmt":"2010-09-09T16:45:44","guid":{"rendered":""},"modified":"2010-09-09T16:45:44","modified_gmt":"2010-09-09T16:45:44","slug":"tim-diem-sang-cuoi-nam-cho-chung-khoan","status":"publish","type":"post","link":"https:\/\/dntieubieuna.vn\/?p=18210","title":{"rendered":"T\u00ecm \u0111i\u1ec3m s\u00e1ng cu\u1ed1i n\u0103m cho ch\u1ee9ng kho\u00e1n"},"content":{"rendered":"

Giao d\u1ecbch \u1ea3m \u0111\u1ea1m hi\u1ec7n nay l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a t\u00e2m l\u00fd lo ng\u1ea1i nh\u1eefng r\u1ee7i ro c\u1ee7a kinh t\u1ebf v\u0129 m\u00f4. Li\u1ec7u c\u00f2n c\u01a1 h\u1ed9i t\u0103ng tr\u01b0\u1edfng cho TTCK trong n\u0103m nay?<\/FONT><\/SPAN><\/DIV>
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Giao d\u1ecbch \u1ea3m \u0111\u1ea1m hi\u1ec7n nay l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a t\u00e2m l\u00fd lo ng\u1ea1i nh\u1eefng r\u1ee7i ro c\u1ee7a kinh t\u1ebf v\u0129 m\u00f4. Li\u1ec7u c\u00f2n c\u01a1 h\u1ed9i t\u0103ng tr\u01b0\u1edfng cho TTCK trong n\u0103m nay?<\/STRONG><\/FONT><\/SPAN><\/DIV>

Nh\u1eadn di\u1ec7n nh\u1eefng nh\u00e2n t\u1ed1 \u201cd\u00ecm\u201d th\u1ecb tr\u01b0\u1eddng<\/FONT><\/P>

\u201cVan\u201d t\u00edn d\u1ee5ng ch\u1ea3y v\u00e0o TTCK b\u1ecb th\u1eaft ch\u1eb7t l\u1ea1i do y\u00eau c\u1ea7u t\u0103ng t\u1ef7 l\u1ec7 an to\u00e0n v\u1ed1n t\u1eeb 8% l\u00ean 9% quy \u0111\u1ecbnh trong Th\u00f4ng t\u01b0 13 \u00e1p d\u1ee5ng cho c\u00e1c Ng\u00e2n h\u00e0ng Th\u01b0\u01a1ng M\u1ea1i C\u1ed5 ph\u1ea7n (NHTM). Trong \u0111\u00f3, quy \u0111\u1ecbnh h\u1ec7 s\u1ed1 r\u1ee7i ro cho c\u00e1c kho\u1ea3n cho vay \u0111\u1ea7u t\u01b0, c\u1ea7m c\u1ed1 ch\u1ee9ng kho\u00e1n l\u00ean t\u1edbi 250%, kh\u00f4ng cho c\u00e1c CTCK tr\u1ef1c thu\u1ed9c NHTM vay, kh\u00f4ng cho vay kh\u00f4ng c\u00f3 t\u00e0i s\u1ea3n \u0111\u1ea3m b\u1ea3o. \u0110\u00f3 l\u00e0 nh\u1eefng r\u00e0o c\u1ea3n c\u00f3 t\u00e1c \u0111\u1ed9ng ti\u00eau c\u1ef1c \u0111\u1ebfn TTCK t\u1ea1i th\u1eddi \u0111i\u1ec3m n\u00e0y. Th\u00eam v\u00e0o \u0111\u00f3, T\u1eadp \u0111o\u00e0n Vinashin t\u00e1i c\u1ea5u tr\u00fac \u0111\u00e3 \u0111\u1ea9y d\u01b0 n\u1ee3 t\u00edn d\u1ee5ng (c\u1ea3 g\u1ed1c v\u00e0 l\u00e3i) c\u1ee7a C\u00f4ng ty T\u00e0i ch\u00ednh D\u1ea7u kh\u00ed (PVFC) l\u00ean h\u01a1n 2.076 t\u1ef7 \u0111\u1ed3ng (trong \u0111\u00f3 n\u1ee3 qu\u00e1 h\u1ea1n l\u00e0 1.300 t\u1ef7 \u0111\u1ed3ng). Do \u0111\u00f3, hi\u1ec7n t\u01b0\u1ee3ng gi\u1ea3m s\u00e0n li\u00ean t\u1ee5c c\u1ee7a c\u1ed5 phi\u1ebfu PVF (thu\u1ed9c Top 10 c\u1ed5 phi\u1ebfu v\u1ed1n h\u00f3a l\u1edbn nh\u1ea5t th\u1ecb tr\u01b0\u1eddng) k\u00e9o ch\u1ec9 s\u1ed1 VNIndex \u0111i xu\u1ed1ng m\u1ea1nh. Kh\u00f4ng nh\u1eefng v\u1eady, vi\u1ec7c c\u01a1 c\u1ea5u l\u1ea1i danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a c\u00e1c NHTM \u0111\u1ec3 tu\u00e2n th\u1ee7 Th\u00f4ng t\u01b0 13 khi\u1ebfn cho \u00e1p l\u1ef1c cung t\u0103ng l\u00ean (ch\u1ee7 y\u1ebfu l\u00e0 c\u00e1c c\u1ed5 phi\u1ebfu ng\u00e2n h\u00e0ng) nh\u01b0 vi\u1ec7c VCB \u0111\u0103ng k\u00fd b\u00e1n 5 tri\u1ec7u c\u1ed5 ph\u1ea7n EIB l\u00e0m gia t\u0103ng lo ng\u1ea1i v\u1ec1 hi\u1ec7u \u1ee9ng gi\u1ea3m gi\u00e1 c\u1ee7a nh\u00f3m c\u1ed5 phi\u1ebfu ng\u00e2n h\u00e0ng.<\/FONT><\/P>

Tri\u1ec3n v\u1ecdng cu\u1ed1i n\u0103m<\/FONT><\/P>

Th\u1ecb tr\u01b0\u1eddng ti\u1ebfp t\u1ee5c \u0111i xu\u1ed1ng ph\u00e1 v\u1ee1 nh\u1eefng ng\u01b0\u1ee1ng c\u1ea3n t\u00e2m l\u00fd quan tr\u1ecdng, gia t\u0103ng \u00e1p l\u1ef1c b\u00e1n gi\u1ea3i ch\u1ea5p c\u00e1c c\u1ed5 phi\u1ebfu penny, \u0111\u1ed3ng th\u1eddi x\u00f3a \u0111i nh\u1eefng d\u1ef1 b\u00e1o l\u1ea1c quan nh\u1ea5t t\u1ea1i th\u1eddi \u0111i\u1ec3m \u0111\u1ea7u n\u0103m v\u1ec1 tri\u1ec3n v\u1ecdng TTCK c\u00f3 th\u1ec3 \u0111\u1ea1t m\u1ed1c 600 – 650 \u0111i\u1ec3m trong n\u0103m nay. S\u1ef1 xu\u1ed1ng d\u1ed1c c\u1ee7a th\u1ecb tr\u01b0\u1eddng nh\u01b0 ph\u1ea3n \u1ee9ng d\u00e2y chuy\u1ec1n khi c\u00e1c penny b\u1ecb b\u00e1n gi\u1ea3i ch\u1ea5p v\u00ec r\u1edbt gi\u00e1 d\u01b0\u1edbi 30%. Ti\u1ebfp theo, danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u00e1c bluechip bu\u1ed9c ph\u1ea3i b\u00e1n \u0111\u1ec3 tr\u1ea3 n\u1ee3, b\u00f9 \u0111\u1eafp ph\u1ea7n l\u1ed7 cho c\u00e1c c\u1ed5 phi\u1ebfu penny. Ngo\u00e0i ra, t\u00e0i s\u1ea3n c\u1ea7m c\u1ed1 (ch\u1ee9ng kho\u00e1n) kh\u00f4ng ph\u1ea3i l\u00e0 ngo\u1ea1i l\u1ec7 khi nh\u00e0 \u0111\u1ea7u t\u01b0 ph\u1ea3i n\u1ed9p th\u00eam ti\u1ec1n ho\u1eb7c b\u00e1n \u0111i \u0111\u1ec3 tr\u1ea3 n\u1ee3 c\u0169ng l\u00e0m t\u0103ng th\u00eam \u00e1p l\u1ef1c cho th\u1ecb tr\u01b0\u1eddng. \u0110i\u1ec3m c\u00e2n b\u1eb1ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng khi l\u01b0\u1ee3ng b\u00e1n gi\u1ea3i ch\u1ea5p \u0111\u01b0\u1ee3c h\u1ea5p th\u1ee5 h\u1ebft d\u1ef1 b\u00e1o r\u01a1i v\u00e0o kho\u1ea3ng 400 \u0111i\u1ec3m \u0111\u00e1y ng\u1eafn h\u1ea1n 420 \u0111i\u1ec3m thi\u1ebft l\u1eadp ng\u00e0y 25\/8. K\u1ecbch b\u1ea3n t\u0103ng tr\u01b0\u1edfng h\u1ee3p l\u00fd nh\u1ea5t cho VNIndex c\u00f3 th\u1ec3 l\u00e0 480 – 520 \u0111i\u1ec3m trong giai \u0111o\u1ea1n cu\u1ed1i n\u0103m nay. Nhi\u1ec1u kh\u1ea3 n\u0103ng c\u00f3 nh\u1eefng \u0111\u1ee3t s\u00f3ng ng\u1eafn h\u1ea1n h\u01a1n l\u00e0 d\u00e0i h\u1ea1n do v\u1ed1n t\u00edn d\u1ee5ng ng\u00e2n h\u00e0ng ch\u1ea3y v\u00e0o TTCK ch\u01b0a \u0111\u01b0\u1ee3c kh\u01a1i th\u00f4ng. <\/FONT><\/P>

L\u1ef1a ch\u1ecdn nh\u00f3m ng\u00e0nh \u0111\u1ea7u t\u01b0<\/FONT><\/P>

Khi t\u00edn d\u1ee5ng b\u1ecb th\u1eaft ch\u1eb7t, nh\u00f3m ng\u00e0nh b\u1ecb \u1ea3nh h\u01b0\u1edfng n\u1eb7ng n\u1ec1 nh\u1ea5t l\u00e0 t\u00e0i ch\u00ednh v\u00e0 b\u1ea5t \u0111\u1ed9ng s\u1ea3n. Th\u1ecb tr\u01b0\u1eddng B\u0110S tr\u1ea7m l\u1eafng trong th\u1eddi gian v\u1eeba qua g\u00e2y nghi ng\u1ea1i v\u1ec1 k\u1ebft qu\u1ea3 kinh doanh kh\u00f4ng kh\u1ea3 quan v\u00e0o cu\u1ed1i n\u0103m nh\u01b0 nh\u1eefng k\u1ef3 v\u1ecdng ban \u0111\u1ea7u. \u0110i\u1ec1u n\u00e0y l\u00fd gi\u1ea3i s\u1ef1 gi\u1ea3m gi\u00e1 li\u00ean ti\u1ebfp c\u1ee7a nh\u00f3m c\u1ed5 phi\u1ebfu B\u0110S (TDH, BCI, ITC, VCG…). \u0110\u1ed1i v\u1edbi nh\u00f3m c\u1ed5 phi\u1ebfu ng\u00e2n h\u00e0ng (STB, EIB, SHB) \u0111ang giao d\u1ecbch m\u1ee9c gi\u00e1 r\u1ea5t th\u1ea5p 1x, th\u1eadm ch\u00ed g\u1ea7n b\u1eb1ng gi\u00e1 tr\u1ecb s\u1ed5 s\u00e1ch c\u1ee7a c\u00e1c c\u1ed5 phi\u1ebfu \u201cvua\u201d m\u1ed9t th\u1eddi. Cho d\u00f9 gi\u00e1 r\u1ebb do gi\u1ea3m li\u00ean ti\u1ebfp, nh\u01b0ng nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1eabn t\u1ecf ra th\u1eadn tr\u1ecdng, d\u00e8 ch\u1eebng khi \u0111\u1ea7u t\u01b0 v\u00e0o nh\u00f3m ng\u00e0nh ch\u1ecbu nhi\u1ec1u \u1ea3nh h\u01b0\u1edfng do x\u00e1c \u0111\u1ecbnh th\u1eddi gian n\u1eafm gi\u1eef d\u00e0i h\u1ea1n. Nh\u00f3m ng\u00e0nh nhi\u1ec1u tri\u1ec3n v\u1ecdng nh\u1ea5t hi\u1ec7n nay thu\u1ed9c v\u1ec1 c\u00e1c doanh nghi\u1ec7p ho\u1ea1t \u0111\u1ed9ng trong l\u0129nh v\u1ef1c xu\u1ea5t kh\u1ea9u (may m\u1eb7c, g\u1ed7 xu\u1ea5t kh\u1ea9u, cao su t\u1ef1 nhi\u00ean, th\u1ee7y s\u1ea3n) do y\u1ebfu t\u1ed1 m\u00f9a v\u1ee5 qu\u00fd III v\u00e0 IV, c\u1ed9ng th\u00eam di\u1ec5n bi\u1ebfn t\u1ef7 gi\u00e1 USD\/VND t\u0103ng theo chi\u1ec1u h\u01b0\u1edbng c\u00f3 l\u1ee3i cho s\u1ea3n ph\u1ea9m xu\u1ea5t kh\u1ea9u. <\/FONT><\/P>

Mua h\u00e0ng gi\u1ea3i ch\u1ea5p<\/FONT><\/P>

\u0110i k\u00e8m v\u1edbi vi\u1ec7c s\u1ee5t gi\u1ea3m m\u1ea1nh c\u1ee7a th\u1ecb tr\u01b0\u1eddng (-18.5%) t\u1eeb (540 \u0111i\u1ec3m xu\u1ed1ng d\u01b0\u1edbi 440 \u0111i\u1ec3m), c\u00e1c CTCK bu\u1ed9c ph\u1ea3i b\u00e1n gi\u1ea3i ch\u1ea5p kh\u1ed1i l\u01b0\u1ee3ng l\u1edbn c\u00e1c ch\u1ee9ng kho\u00e1n c\u00f3 s\u1eed d\u1ee5ng t\u1ef7 l\u1ec7 \u0111\u00f2n b\u1ea9y cao c\u1ee7a kh\u00e1ch h\u00e0ng khi gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n r\u00f2ng gi\u1ea3m g\u1ea7n \u0111\u1ebfn gi\u00e1 tr\u1ecb cho vay. V\u00ed d\u1ee5 nh\u01b0 VHG, DIC, TNG, HLG, FDC… C\u01a1 h\u1ed9i d\u00e0nh cho d\u00f2ng ti\u1ec1n m\u1edbi tham gia th\u1ecb tr\u01b0\u1eddng khi c\u00e1c c\u1ed5 phi\u1ebfu b\u1ecb b\u00e1n gi\u1ea3i ch\u1ea5p c\u00f3 m\u1ee9c \u0111\u1ed9 s\u1ee5t gi\u1ea3m m\u1ea1nh so v\u1edbi gi\u00e1 tr\u1ecb \u0111\u1ec9nh ( -40% \u0111\u1ebfn -50%) v\u00e0 h\u01a1n c\u1ea3 s\u1ee5t gi\u1ea3m c\u1ee7a ch\u1ec9 s\u1ed1 chung, \u0111\u1eb7c bi\u1ec7t c\u1ed5 phi\u1ebfu c\u00f3 y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n t\u1ed1t v\u00e0 c\u00f3 ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng trong t\u01b0\u01a1ng lai. Th\u1ef1c t\u1ebf \u0111\u00e3 ch\u1ee9ng minh, kh\u00f4ng th\u1ecb tr\u01b0\u1eddng n\u00e0o hay c\u1ed5 phi\u1ebfu n\u00e0o c\u00f3 th\u1ec3 t\u0103ng hay gi\u1ea3m \u0111\u01b0\u1ee3c m\u00e3i. N\u1ebfu c\u1ed5 phi\u1ebfu t\u1ed1t r\u01a1i v\u00e0o t\u00ecnh tr\u1ea1ng qu\u00e1 b\u00e1n (oversold) th\u00ec s\u1ee9c b\u1eadt l\u00ean c\u1ee7a c\u1ed5 phi\u1ebfu \u0111\u00f3 c\u00e0ng m\u1ea1nh m\u1ebd h\u01a1n c\u00e1c c\u1ed5 phi\u1ebfu c\u00f2n l\u1ea1i. \u0110\u00e2y l\u00e0 c\u01a1 h\u1ed9i cho nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ebfn sau, bi\u1ebft ch\u1ecdn l\u1ecdc c\u1ed5 phi\u1ebfu, gi\u1ea3i ng\u00e2n t\u1eeb t\u1ed1n, x\u00e1c \u0111\u1ecbnh n\u1eafm gi\u1eef trung h\u1ea1n (n\u1ebfu kh\u00f4ng th\u1ec3 ch\u1ed1t l\u1eddi trong ng\u1eafn h\u1ea1n). <\/FONT><\/P>

L\u00e0n s\u00f3ng mua c\u1ed5 phi\u1ebfu qu\u1ef9<\/FONT><\/P>

T\u00e2m l\u00fd c\u1ee7a \u0111\u1ea1i b\u1ed9 ph\u1eadn nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u1eabn tr\u00f4ng mong v\u00e0o vi\u1ec7c s\u1eeda \u0111\u1ed5i v\u00e0 gi\u00e3n th\u1eddi gian \u00e1p d\u1ee5ng TT13 \u0111\u1ec3 c\u00e1c NHTM \u0111\u1ee7 th\u1eddi gian chu\u1ea9n b\u1ecb v\u00e0 tu\u00e2n th\u1ee7<\/FONT><\/SPAN><\/P><\/TD><\/TR><\/TBODY><\/TABLE>L\u00e0n s\u00f3ng \u1ed3 \u1ea1t c\u00e1c c\u00f4ng ty \u0111\u0103ng k\u00fd mua c\u1ed5 phi\u1ebfu qu\u1ef9 di\u1ec5n ra nh\u01b0 POM mua 9 tri\u1ec7u c\u1ed5 ph\u1ea7n, VSH mua 4 tri\u1ec7u c\u1ed5 ph\u1ea7n hay NTB 2 tri\u1ec7u c\u1ed5 ph\u1ea7n. \u0110\u00e2y l\u00e0 t\u00e1c \u0111\u1ed9ng t\u00edch c\u1ef1c \u0111\u1ebfn th\u1ecb tr\u01b0\u1eddng: gi\u1ea3m b\u1edbt ngu\u1ed3n cung c\u1ed5 phi\u1ebfu, l\u00e0m \u0111\u1eb9p c\u00e1c ch\u1ec9 ti\u00eau t\u00e0i ch\u00ednh nh\u01b0 EPS, ROE v\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o ch\u00ednh c\u1ed5 phi\u1ebfu c\u1ee7a doanh nghi\u1ec7p \u0111\u00f3. \u0110\u1ed3ng th\u1eddi, nguy\u00ean nh\u00e2n s\u00e2u xa l\u00e0 c\u00e1c c\u1ed5 phi\u1ebfu n\u00e0y tr\u1edf n\u00ean kh\u00e1 r\u1ebb so v\u1edbi ti\u1ec1m n\u0103ng t\u0103ng tr\u01b0\u1edfng c\u1ee7a ch\u00fang. Kinh nghi\u1ec7m m\u00e0 c\u00e1c doanh nghi\u1ec7p ni\u00eam y\u1ebft (DNNY) mu\u1ed1n h\u1ecdc h\u1ecfi c\u00f3 th\u1ec3 xu\u1ea5t ph\u00e1t t\u1eeb vi\u1ec7c Ng\u00e2n h\u00e0ng Sacombank (STB) mua 18 tri\u1ec7u c\u1ed5 phi\u1ebfu qu\u1ef9 v\u1edbi m\u1ee9c gi\u00e1 th\u1ea5p k\u1ef7 l\u1ee5c trong n\u0103m 2008. Th\u00e1ng 7\/2009, STB \u0111\u00e3 b\u00e1n th\u00e0nh c\u00f4ng to\u00e0n b\u1ed9 c\u1ed5 phi\u1ebfu qu\u1ef9 tr\u00ean v\u1edbi kho\u1ea3n ti\u1ec1n g\u1ea5p 2,5 l\u1ea7n s\u1ed1 ti\u1ec1n b\u1ecf ra mua c\u1ed5 phi\u1ebfu qu\u1ef9. B\u00e0i to\u00e1n chi ph\u00ed c\u01a1 h\u1ed9i \u0111\u1eb7t ra cho c\u00e1c DNNY trong vi\u1ec7c mua c\u1ed5 phi\u1ebfu qu\u1ef9 c\u0169ng gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 nh\u00ecn nh\u1eadn t\u00edch c\u1ef1c h\u01a1n v\u1ec1 gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu khi th\u1ecb tr\u01b0\u1eddng r\u01a1i v\u00e0o tr\u1ea1ng th\u00e1i ho\u1ea3ng lo\u1ea1n nh\u1ea5t.<\/FONT><\/P>

T\u00e2m l\u00fd e ng\u1ea1i ngu\u1ed3n cung<\/FONT><\/P>

H\u00e0ng lo\u1ea1t DNNY v\u1eeba \u0111\u01b0\u1ee3c UBCKNN c\u1ea5p ph\u00e9p ch\u00e0o b\u00e1n ch\u1ee9ng kho\u00e1n ra c\u00f4ng ch\u00fang nh\u01b0 C\u00f4ng ty Meco (MCG) ch\u00e0o b\u00e1n 38 tri\u1ec7u c\u1ed5 phi\u1ebfu, Qu\u1ed1c C\u01b0\u1eddng Gia Lai (QCG) ph\u00e1t h\u00e0nh 61 tri\u1ec7u c\u1ed5 phi\u1ebfu. Ngu\u1ed3n cung c\u1ed5 phi\u1ebfu tr\u00e0n ng\u1eadp (ch\u01b0a k\u1ec3 c\u1ed5 phi\u1ebfu c\u1ee7a c\u00e1c c\u00f4ng ty s\u1eafp ch\u00e0o s\u00e0n) trong khi s\u1ee9c h\u1ea5p th\u1ee5 c\u1ee7a th\u1ecb tr\u01b0\u1eddng c\u00f3 h\u1ea1n v\u00ec d\u00f2ng ti\u1ec1n ch\u1ea3y v\u00e0o ch\u1ee9ng kho\u00e1n \u0111ang b\u1ecb si\u1ebft ch\u1eb7t. Do v\u1eady, nh\u00ecn v\u1ec1 trung h\u1ea1n, th\u1ecb tr\u01b0\u1eddng ch\u01b0a th\u1ec3 t\u0103ng tr\u01b0\u1edfng m\u1ed9t c\u00e1ch v\u1eefng ch\u1eafc trong \u0111i\u1ec1u ki\u1ec7n t\u00edn d\u1ee5ng ng\u00e2n h\u00e0ng b\u1ecb h\u1ea1n ch\u1ebf, kh\u00f4ng \u0111\u1ee7 g\u00e1nh v\u00e1c ngu\u1ed3n cung. Tuy nhi\u00ean, c\u00e1c c\u1ed5 phi\u1ebfu gi\u1ea3m v\u1ec1 m\u1ee9c h\u1ea5p d\u1eabn khi c\u00f4ng b\u1ed1 th\u00f4ng tin ph\u00e1t h\u00e0nh th\u00eam hay gi\u1ea3m gi\u00e1 nhi\u1ec1u phi\u00ean sau khi ni\u00eam y\u1ebft\/chia t\u00e1ch nh\u01b0 VCG, MCG, QCG, ITC v\u1eabn l\u00e0 c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 trung h\u1ea1n. Ngo\u00e0i ra, c\u00e1c c\u1ed5 phi\u1ebfu c\u00f3 m\u1ee9c tr\u1ea3 c\u1ed5 t\u1ee9c t\u01b0\u01a1ng \u0111\u1ed1i cao 12 – 15% nh\u01b0 HUT (18%) \u0111\u00e1ng xem x\u00e9t, m\u1eb7c d\u00f9 nhi\u1ec1u DNNY thu h\u00fat v\u1ed1n \u0111\u1ea7u t\u01b0 b\u1eb1ng chi\u00eau tr\u1ea3 c\u1ed5 t\u1ee9c cao. <\/FONT><\/P>

Ch\u1edd \u0111\u1ee3i c\u00fa h\u00edch ch\u00ednh s\u00e1ch<\/FONT><\/P>

Th\u00f4ng t\u01b0 13 (TT13) ch\u00ednh th\u1ee9c c\u00f3 hi\u1ec7u l\u1ef1c v\u00e0o ng\u00e0y 1\/10\/2010 nh\u01b0ng hi\u1ec7n \u0111ang ph\u00e1t sinh m\u1ed9t s\u1ed1 b\u1ea5t c\u1eadp trong c\u00e1ch t\u00ednh t\u1ef7 l\u1ec7 an to\u00e0n v\u1ed1n, huy \u0111\u1ed9ng v\u1ed1n c\u1ee5 th\u1ec3 l\u00e0 kho\u1ea3n ti\u1ec1n g\u1eedi kh\u00f4ng k\u1ef3 h\u1ea1n c\u1ee7a c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c kinh t\u1ebf kh\u00f4ng \u0111\u01b0\u1ee3c t\u00ednh v\u00e0o ngu\u1ed3n v\u1ed1n huy \u0111\u1ed9ng. Th\u1ee7 t\u01b0\u1edbng Ch\u00ednh ph\u1ee7 \u0111\u00e3 y\u00eau c\u1ea7u r\u00e0 so\u00e1t l\u1ea1i TT13 n\u00e0y khi c\u00f3 nhi\u1ec1u \u00fd ki\u1ebfn cho r\u1eb1ng, vi\u1ec7c \u00e1p d\u1ee5ng TT13 ph\u1ea3i c\u00f3 l\u1ed9 tr\u00ecnh r\u00f5 r\u00e0ng, \u0111\u1ed3ng th\u1eddi kh\u00f3 c\u00f3 th\u1ec3 gi\u1ea3m \u0111\u01b0\u1ee3c m\u1eb7t b\u1eb1ng l\u00e3i su\u1ea5t xu\u1ed1ng th\u1ea5p h\u01a1n n\u1eefa. T\u0103ng tr\u01b0\u1edfng t\u00edn d\u1ee5ng t\u00ednh \u0111\u1ebfn gi\u1eefa th\u00e1ng 8 m\u1edbi ch\u1ec9 \u0111\u1ea1t 14%, v\u1eabn c\u00f2n c\u00f3 th\u1ec3 t\u0103ng tr\u01b0\u1edfng n\u1eefa so v\u1edbi ch\u1ec9 ti\u00eau \u0111\u1eb7t ra cho n\u0103m nay l\u00e0 25%. Do v\u1eady, t\u00e2m l\u00fd c\u1ee7a \u0111\u1ea1i b\u1ed9 ph\u1eadn nh\u00e0 \u0111\u1ea7u t\u01b0 tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u1eabn tr\u00f4ng mong v\u00e0o vi\u1ec7c s\u1eeda \u0111\u1ed5i v\u00e0 gi\u00e3n th\u1eddi gian \u00e1p d\u1ee5ng TT13 \u0111\u1ec3 c\u00e1c NHTM \u0111\u1ee7 th\u1eddi gian chu\u1ea9n b\u1ecb v\u00e0 tu\u00e2n th\u1ee7. Kh\u00f4ng nh\u1eefng th\u1ebf, v\u1edbi ch\u00ednh s\u00e1ch t\u00edn d\u1ee5ng \u0111\u01b0\u1ee3c n\u1edbi l\u1ecfng, TTCK c\u00f3 th\u1ec3 s\u1ebd c\u00f3 c\u01a1 h\u1ed9i t\u0103ng tr\u01b0\u1edfng \u1edf m\u1ee9c trung b\u00ecnh v\u00e0o cu\u1ed1i n\u0103m, cho d\u00f9 do h\u1ee9ng kh\u1edfi v\u1ec1 t\u00e2m l\u00fd l\u00e0 ch\u1ee7 y\u1ebfu.<\/FONT><\/P>

Theo Anh Qu\u00e2n<\/FONT><\/DIV>
<\/DIV><\/p>\n","protected":false},"excerpt":{"rendered":"

Giao d\u1ecbch \u1ea3m \u0111\u1ea1m hi\u1ec7n nay l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a t\u00e2m l\u00fd lo ng\u1ea1i nh\u1eefng r\u1ee7i ro c\u1ee7a kinh t\u1ebf v\u0129 m\u00f4. Li\u1ec7u c\u00f2n c\u01a1 h\u1ed9i t\u0103ng tr\u01b0\u1edfng cho TTCK trong n\u0103m nay? Giao d\u1ecbch \u1ea3m \u0111\u1ea1m hi\u1ec7n nay l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a t\u00e2m l\u00fd lo ng\u1ea1i nh\u1eefng r\u1ee7i ro c\u1ee7a kinh t\u1ebf v\u0129 m\u00f4. Li\u1ec7u […]<\/p>\n","protected":false},"author":2,"featured_media":11782,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[68],"tags":[],"_links":{"self":[{"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=\/wp\/v2\/posts\/18210"}],"collection":[{"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18210"}],"version-history":[{"count":0,"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=\/wp\/v2\/posts\/18210\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=\/wp\/v2\/media\/11782"}],"wp:attachment":[{"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dntieubieuna.vn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}