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VCSC Daily - VNI lower despite single-digit CPI and fiscal package, HNI flat

Bears in full force on VNI. Following mixed performance in the Asian markets, the VNI tumbled today despite the MoF officially promulgating Circular 83/2012/TT-BTC to guide the implementation of the VND29 trillion fiscal package and the announcement of CPI at a low of 8.34% YoY. Even more, investors barely flinched at yesterday’s gasoline price cuts. The deep correction the last few days has really spooked investors. The VNI is down about 12.5% since peaking at 488 at the beginning of May.