Vietnam index dips 0.1 pct at midday on profit taking

Wed Feb 26, 2014 12:00am EST

HANOI, Feb 26 (Reuters) - Vietnam's benchmark VN Index
 edged down 0.12 percent at the break on Wednesday as
investors sold stocks for quick profits.
    The index rose to 590.79 points, hitting the 590-point
resistance level zone earlier in the session, lifted mostly by
bank shares, but eased to 585.50 points by midday as investors
booked profits, analyst Doan Thi Anh Nguyet at Saigon-Hanoi
Securities said.
    The index had gained on Monday and Tuesday this week.
    Shares of food producer Masan Group dipped 1.5
percent and PetroVietNam Gas, Vietnam's largest listed
firm, lost 0.58 percent. Most banks gained, led by Hanoi-based
Vietcombank that climbed 2.72 percent.
    Ho Chi Minh City-based Sacombank advanced 1.83
percent after the lender said on Tuesday it will pay a
16-percent dividend for 2013 and would seek permission to raise
foreign ownership limit to 30 percent.
    The index might further fall due to profit taking, with the
support level at around 565 points, Nguyet said.
    Here is a snapshot of the VN Index at midday (0431
GMT).
                 VN Index        585.5            
              PREV. CLOSE        586.2            
                 % CHANGE       -0.12%            
                                                  
                     HIGH       590.79            
                      LOW        585.5            
                                                  
        Change (%) 1-mnth        4.643            
        Change (%) 3-mnth       15.745            
        Change (%) 1-year       21.193            
                                                  
             52-week high        586.2   25-Feb-14
             52-week low        459.64   27-Feb-13
                                                  
 
 (Reporting by Mai Nguyen)
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