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VCSC Daily - Margin calls – weak GDP growth of 4.9% in 1H – VNM cheap – CSM FY12 dividend

Margin calls trigger sell-off on a bevy of bad news. Investors were rattled by China’s credit crunch which dominated headlines around the world and by weak GDP data in Vietnam showing 4.9% growth for 1H, the lowest pace in the same period in four years. Furthermore, another 300,000 shares were redeemed from the Van Eck Vietnam ETF last night in the US.