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Vietnam: Petrol hike sends stocks crashing.
Section: Business News - Petrol prices rising to record highs on Feb. 24 morning sent stocks into a nosedive on both national stock exchanges.
The price of petrol set as of 10am on Feb. 24 was set at 19,300 VND per litre - a whopping 18 percent increase and the steepest one-day increase since 2008.
"The hike in petrol prices was forseeable," said Nguyen Huu Hao, the chief broker at a Ho Chi Minh City-based securities company. "It was a necessary consequence of the change in the foreign exchange rate. But coming unexpectedly soon had an impact on securities trading." Previous word from the Government that it would use the petrol price stabilisation fund to compensate …
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