Vietnam index falls 1.2 pct, volume at record high

Thu Feb 20, 2014 4:23am EST

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HANOI, Feb 20 (Reuters) - Vietnam's benchmark VN Index
 ended down 1.22 percent on Thursday, with volume hitting
a record high while many stocks lost ground on strong selling
following recent gains.
    Volume reached a record high of 260 million shares, while
more than 70 percent of the stocks fell on Thursday, led by top
insurer Baoviet Holdings that dropped 4.16 percent, and
property firm HAGL falling 4.58 percent.
    "The market needs this correction as it has been rising
strongly in a short period of time," said analyst Nguyen The
Minh at Viet Capital Securities.
    The index has risen around 13 percent since the beginning of
    Selling is likely to extend, and the index might fall to
535-540 points in coming weeks, analysts said.
    Here is a snapshot of the VN Index at the close (0801
                 VN Index       571.04             
              PREV. CLOSE       578.12             
                 % CHANGE       -1.22%             
                     HIGH        584.1             
                      LOW       565.31             
        Change (%) 1-mnth        6.352             
        Change (%) 3-mnth       14.545             
        Change (%) 1-year       17.796             
             52-week high        578.8    19-Feb-14
             52-week low        459.64    27-Feb-13
 (Reporting by Mai Nguyen; Editing by Ho Binh Minh)