Vietnam index up 0.4 pct at midday, more gains seen in Feb

Thu Jan 23, 2014 12:05am EST

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HANOI, Jan 23 (Reuters) - Vietnam's benchmark VN Index
 edged up 0.38 percent at the break on Thursday as blue
chips rebounded slightly after a bout of selling, with more
gains expected next month.
    "The index gaining in low trading volume after Wednesday's
loss showed that selling pressure is not strong," said deputy
manager Nguyen Tuan at An Binh Securities.
    The index fell 1.4 percent on Wednesday, ending a 13-day
winning streak, during which it scaled a four-year high.   
    Market activities would be boosted on Friday when shares of
BIDV, Vietnam's second-largest bank by assets, make a $2.5
billion debut on the Ho Chi Minh Stock Exchange, Tuan said.
 
    The index could rise further after Feb. 5 when the Lunar New
Year holidays end as demand for Vietnamese equities was still
very high, Tuan added. The market will be closed from Jan. 28.
    Shares of confectionery firm Kinh Do Corp jumped
5.56 percent and VietinBank, the country's largest
partly private lender by assets, rose 2.4 percent.
    Here is a snapshot of the VN Index at midday (0431
GMT).
                 VN Index       554.02            
              PREV. CLOSE       551.92            
                 % CHANGE        0.38%            
                                                  
                     HIGH       554.33            
                      LOW       550.52            
                                                  
        Change (%) 1-mnth         9.41            
        Change (%) 3-mnth       10.258            
        Change (%) 1-year       24.629            
                                                  
             52-week high       564.61   22-Jan-14
             52-week low        440.48   23-Jan-13
 
 (Reporting by Mai Nguyen; Editing by Martin Petty)
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