The VNI climbed +4.2% in September, recovering most of the loss from August. The Fed’s decision to continue QE3 and policy development in Vietnam supported the market (see below). Moreover, the CPI slowdown from 7.5% YoY last month to 6.3% this month improved investor sentiment on better CPI outlook (we estimate 6.7% by year-end). Investors also became more active as they started to anticipate Q3 results and liquidity also improved thanks to foreign ETFs rebalancing.