Kevin Snowball News
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Vietnamese stocks will extend a rally that has made the VN Index the best performer in Asia this year after its 16 percent surge failed to erase the discount to other markets, according to PXP Vietnam Asset Management.
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Vietnam’s biggest fund manager is betting the cheapest stocks in Southeast Asia will extend gains as the economy recovers from the slowest growth in 13 years.
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Vietnam stocks , Southeast Asia’s worst performers this year, may climb as much as 41 percent as a global recovery prompts investors to pour money into emerging markets, according to PXP Vietnam Asset Management.
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Vietnamese stocks approached a bear market this week as the detention of a banking tycoon sparked concern more arrests will disrupt the nation’s financial system.
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Vietnam’s stocks slumped the most in Asia on speculation the detention of a banking tycoon this week will lead to further arrests in the financial industry. The benchmark money-market rate climbed to a four-month high.
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Vietnam devalued the dong by about 7 percent, the most since at least 1993, risking faster inflation to curb the nation’s trade deficit and narrow the gap between official and black-market exchange rates.
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Vietnam cut interest rates for a fifth time this year to spur growth after a report yesterday showed economic expansion stayed below 5 percent this quarter.
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Vietnam devalued its currency for the third time since November, moving to reverse a slump in exports that helped to drive stocks close to a bear market.
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Vietnam’s devaluation of the dong yesterday by about 7 percent, the most since at least 1993, needs to be followed with steps to curb inflation, the International Monetary Fund and Citigroup Inc. said.
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Vietnam’s central bank will cut the dong deposit rate cap by two percentage points next week as policy makers attempt to revive the economy and encourage more lending to businesses.
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