Vietnam Stocks Tumble to Lowest Since 2009 on Inflation Reports

[Bloomberg] Vietnam’s stocks tumbled, sending the benchmark index to its lowest level since July 2009, after news reports said the nation’s inflation may accelerate faster than previous estimates. The VN Index on the Ho Chi Minh City Stock Exchange slumped 3.5 percent to 417.82 at the 11 a.m. local time close. Bao Viet Holdings, the biggest insurer, sank 4.5 percent to 74,000 dong, the lowest close since April 14. Masan Group Corp. (MSN), the third- most valuable company on the bourse, plunged 4.6 percent to 92,500 dong. The country’s consumer prices index will rise no less than 2 percent this month from April after climbing 2.38 percent in Ho Chi Minh City and 1.76 percent in Hanoi in May, the state-run Saigon Tiep Thi online newswire reported, citing unidentified economists. The Ministry of Finance’s domestic market department forecast prices will rise by between 1.8 percent and 2 percent in May from April, state-run Phap Luat Thanh Pho Ho Chi Minh newspaper reported on April 27...More
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