The top declining benchmark equity index in Tuesday's session was Vietnam's Ho Chi Minh Stock Index which fell 4.7% on the day. It was by far the worst performer with the Mongolian stock market coming in second-to-last with a 1.5% decline. Here's the bottom ten performing benchmark equity indexes for the day:
After a strong beginning to 2012, Vietnamese equities have struggled going into the second half of the year. They've gone from being up close to 40% since January to now only being up a little over 15%.
This recent downturn was sparked by the arrest of one of Vietnam's wealthiest banking tycoons. Here are some details courtesy of
bernama.com and Xinhua news agency:
Xinhua news agency reports the 48-year-old cofounder of Asia Commercial
Bank (ACB), one of Vietnam's biggest lenders, was taken into custody on
Monday after police raided his residence in capital Hanoi and seized
documents.
Information about Kien's arrest caused the country's stock market to
tumble and sparked concerns about the operations of several local banks,
where he reportedly held shares including ACB, where he once served as
vice chairman of the board.
On Tuesday, right after local media reported of the arrest, both Ho Chi
Minh City Stock Exchange (HOSE) and Hanoi Stock Exchange (HNX) saw
their Vn-Index and HNX-Index tumble 5 percent on average.
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