Vietnam index hits 51-mth high, lifted by strong buying

Wed Feb 12, 2014 4:06am EST

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HANOI, Feb 12 (Reuters) - Vietnam's benchmark VN Index
 jumped 1.87 percent on Wednesday to close at 564.25
points, the highest since October 2009, as investors bought
shares on optimistic outlook of the U.S. economy and Vietnam's
market prospect.
    Fed chief Janet Yellen made it clear on Tuesday she would
not make any abrupt changes to U.S. monetary policy, saying the
central bank was on track to keep reducing its stimulus.
 
    New foreign funds have shown interest in the Vietnamese
market as they were optimistic about the country's macro
economic prospect, said analyst Tran Thang Long at BIDV
Securities.
    Foreign investors were net buyers on Wednesday, with net
purchase worth 86.6 billion dong ($4.1 million), extending their
net buying position on Tuesday, the exchange's data showed.    
    The index rise in early trade on Wednesday took Vietnamese
investors by surprise, but they followed foreigners to pick up
stocks later in the session, Long said.
    PetroVietNam Gas, Vietnam's largest listed firm,
led the gains, with shares advancing 3.95 percent.
    The company's 2013 net profit rose 26 percent from the
previous year to 12.7 trillion dong, it said in a statement
released on Tuesday.
    Top insurer Baoviet holdings climbed 5.01 percent
and Hanoi-based lender Vietcombank increased 2.47
percent.
    The index closed on Wednesday at the highest since Oct. 30,
2009, when it was 587.12 points, based on Thomson Reuters data.
    Here is a snapshot of the VN Index at the close (0801
GMT).
                 VN Index       564.25            
              PREV. CLOSE        553.9            
                 % CHANGE        1.87%            
                                                  
                     HIGH       564.25            
                      LOW       554.26            
                                                  
        Change (%) 1-mnth        6.737            
        Change (%) 3-mnth       10.541            
        Change (%) 1-year       12.119            
                                                  
             52-week high       564.61   22-Jan-14
             52-week low        459.64   27-Feb-13
 ($1=21,080 dong)

 (Reporting by Mai Nguyen; Editing by Ho Binh Minh)
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