Vietnam index hits 1-wk high, slight falls expected

Fri Mar 7, 2014 3:28am EST

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HANOI, March 7 (Reuters) - Vietnam's benchmark VN Index
 ended up 0.21 percent 579.75 points, an one-week high,
lifted by gains in some blue chips and penny stocks, while
analysts expected the index would fall slightly soon.
    Ho Chi Minh City-based lender Sacombank climbed
3.48 percent and property firm Vingroup advanced 0.67
percent.
    "Investors also bought penny stocks, partly to avoid big-cap
shares which are expected to be sold by exchange-traded funds in
coming weeks during their portfolio restructuring," said analyst
Vu Thi Thu Trang at APEC Securities.
    The index might have some corrections soon due to the funds'
selling, but is unlikely to fall below its support level of 565
points as macro economic outlook is positive, Trang said.
    The index ended on Friday at the highest level since Feb.
28, when it closed at 586.48 points.
    Here is a snapshot of the VN Index at the close (0801
GMT).
                 VN Index       579.75             
              PREV. CLOSE       578.56             
                 % CHANGE        0.21%             
                                                   
                     HIGH       582.24             
                      LOW        579.1             
                                                   
        Change (%) 1-mnth        4.305             
        Change (%) 3-mnth       13.417             
        Change (%) 1-year       22.813             
                                                   
             52-week high        596.4    27-Feb-14
             52-week low        461.61     5-Mar-13
 
 (Reporting by Mai Nguyen; Editing by Ho Binh Minh)
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