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VCSC Daily - Markets slide on fear

Our view: The unexpected news that ACB’s founder was arrested Tuesday morning rocked Vietnam’s market. The VNI dropped over 20 points to close at 416.84 (-4.63%) and the HNI loss 3.70 points to close at 66.95 (-5.24%). From talking to other market participants, it would seem that the news that Mr. Nguyen Duc Kien, a founder of the bank who still owns under a 5% stake but no longer has a role at ACB should have been better absorbed by the market.