The market was in an extended pullback from 5-year highs (24 March) when news broke that the Chinese oil rig, HYSY981 was conducting exploration drilling in waters claimed by Vietnam in the East Sea. Word that Chinese and Vietnamese patrol ships in the area clashed sent Vietnam’s main bourse plummeting by almost 6% on 8 May. The market recovered but choppy trading ensued as tensions escalated on water and riots broke out on land.