March inflation dims market excitement

Official data regarding March inflation reversed Wednesday's excitement on the stock markets Thursday morning. The General Statistics Office released data yesterday showing inflation had increased 2.17 per cent month-on-month.

The HCM City Stock Exchange closed down 1.35 per cent to stand at 461.32 points.

Losers included a number of blue chips such as dairy producer Vinamilk (VNM), down 1 per cent; Vietcombank (VCB), down 2.2 per cent; Sacombank (STB), down 1.4 per cent; Saigon Securities Inc (SSI), down 2.4 per cent and PetroVietnam Finance (PVF), down 3.7 per cent.

Only a few large stocks managed to avoid the fall, including Hoa Phat Group (HPG) up 0.8 per cent and property developer Vincom (VIC) up 2.5 per cent. Eximbank (EIB) and Sacombank Securities (SBS) closed unchanged.

Trading volume closed at a moderate level of 27.6 million shares, totalling VND616.8 billion (US$26.7 million) in value.

The Ha Noi Stock Exchange also dropped 0.88 per cent to finish the session at 93.28 points. Volume, although low, was 17 per cent higher than HCM City at 32.3 million shares, worth VND494.5 billion ($23 million).

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