Military Bank gains in Vietnam's biggest 2011 listing

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Military Commercial Joint-Stock Bank gained on its first trading day on Vietnam's Ho Chi Minh City Stock Exchange after listing VND10.07 trillion ($479.4 million) of shares in the nation's biggest listing this year.

The 730 million shares listed on the country's main bourse rose to VND14,000 at 9:42 a.m. local time, from an initial price of VND13,800.

"Military Bank is the one of the most profitable banks in the industry, so with sentiment improving, the listing should be successful, especially considering the starting price is below its intrinsic value," said Attila Vajda, Ho Chi Minh City-based head of institutional clients at ACB Securities Co.

The benchmark VN Index dropped 1.1 percent. The gauge has declined 14 percent this year as the government tightened monetary policy to fight inflation.

Consumer prices rose 21.59 percent in October from a year earlier, according to data released on Oct. 24 by the General Statistics Office in Hanoi. Inflation fell to 22.42 percent last month after reaching the fastest pace in more than two years in August.

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