Vietnam Stocks Fall the Most in 4 Weeks as Inflation AcceleratesBloomberg News
Vietnamese stocks fell, dragging the benchmark index down the most in four weeks, after inflation accelerated at the fastest pace since May 2012.
The Ho Chi Minh City Stock Exchange’s VN Index closed 2 percent lower at 494.18, the sharpest decline since June 25. Joint-Stock Commercial Bank for Foreign Trade of Vietnam tumbled 2.5 percent, the most since June 26. Bao Viet Holdings, the country’s biggest listed insurer, dropped 3.1 percent, its second day of losses.
Consumer prices rose 7.29 percent this month from a year earlier, according to data released by the General Statistics Office in Hanoi today. That compares with the median 7.1 percent estimate of six economists in a Bloomberg survey.
“Inflation figures were higher than expected and people are afraid that prices may continue rising next month, when the recent increase in gasoline prices will be fully reflected,” Giang Trung Kien, Hanoi-based head of research at FPT Securities Joint-Stock Co., said by phone.
Vietnam National Petroleum Corp., known as Petrolimex, the country’s biggest fuel retailer, raised prices of its most commonly used 92-RON gasoline by 1.9 percent on July 17.
— With assistance by Giang Nguyen