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Vietnam’s stocks - world’s best performer: Bloomberg   2008-09-04 - VNA

The world’s leading financial news agency Bloomberg has run an article on Vietnam's stockmarket, saying the Vietnam's benchmark stock index rounded out the largest monthly gain of global markets in August.

The VN Index gained 19.4 percent this month, the biggest monthly gain since January 2007, Bloomberg said at the end of August, adding that improved liquidity following a range of government market- boosting measures and signs inflation may peak in September has helped the index in August.

“Three key areas of inflation, the trade deficit, and foreign currency that have all been stabilised and improved have added a lot to positive sentiment,” Don Lam, chief executive officer of Vinacapital Investment Management Ltd. in Ho Chi Minh City was quoted by Bloomberg as saying.

Consumer prices in August rose 1.6 percent, slower than the 2 percent to 3 percent expected by analysts, according to Bui Duc Thinh, Hanoi-based head of the research department at Royal International Securities.

Bloomberg also cited Standard Chartered Plc as saying earlier in August that the trade deficit also widened at a slower pace through August, allaying fears Vietnam may be facing a currency crisis.

This increase helped “push up liquidity,” contributing to “boosting trading volume” in the market, said Thinh. Meanwhile, according to Vinacapital's Lam, increased liquidity helped the stock market rally in August after retail investors, the main drivers of Vietnam's stock market, pulled money from their investments in gold and USD.

Vietnam lowered gasoline prices to 17,000 VND/litre on August 27 for a second time this month after crude oil declined. The government also allowed Vietnam's two exchanges to widen their daily trading limits from mid of August. Gains or losses on the main Ho Chi Minh City Stock Exchange were raised to 5 percent from 3 percent, while the cap on the smaller Hanoi Securities Trading Center was lifted to 7 percent from 4 percent.

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