VCSC Daily - Macro data disappoints investors
Market drops on lower remittance, negative CPI and wider trade deficit. Stocks swayed to the red in a volatile trading session on Monday amid a flurry of macro news flow. Remittance to Ho Chi Minh City in the first six months of the year fell 21% compared to the same period last year to only USD1.9 billion, raising balance of payment concerns. In addition, despite inflation continuing to slow down in June, the 6.9% YoY figure has investors worried about slow demand and sluggish economic growth.