Vietnam index rises 0.3 pct, selling caps gain

Wed Mar 12, 2014 4:56am EDT

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HANOI, March 12 (Reuters) - Vietnam's benchmark VN Index
 closed up 0.3 percent on Wednesday, the sixth consecutive
gain, with property and energy stocks providing support, but
greater selling erased earlier gains, traders said.
    After five climbs in a row, the index ended up at 590.02
points, nearing the 596.40 points hit during the session on Feb.
27, which was the highest since Oct. 28, 2009. 
 
    By midday the index rose almost 1 percent, but selling
emerged later in the day, wiping out the early gains and putting
brakes on the market's growth, a trader in Hanoi said.
    "The short-term trend is still downward, major investors are
selling," he said.
    Property stocks gained, with Vingroup rising 2.67
percent. Petrovietnam Gas, Vietnam's largest listed
firm, rose 0.59 percent to close at 85,500 dong ($4.05) each,
while all bank stocks lost ground.
    Exchange-traded funds are expected to sell more than buy
Vietnamese shares during their portfolio restructuring in coming
weeks, analysts have said.
    Foreign investors extended their net selling position,
having sold 10.44 million shares and bought 9.58 million stocks
on Wednesday, based on the exchange's data.
    They have been net sellers since last month after being net
buyers since October, the data show.
    Here is a snapshot of the VN Index at the close (0801
GMT).    
                   VN Index       590.02           
                PREV. CLOSE        588.5           
                   % CHANGE        0.26%           
                                                   
                       HIGH       596.38           
                        LOW       590.02           
                                                   
          Change (%) 1-mnth        6.247           
          Change (%) 3-mnth       16.463           
          Change (%) 1-year       23.505           
                                                   
               52-week high        596.4  27-Feb-14
               52-week low        462.13  30-Aug-13
 ($1=21,080 dong)
    
    
    
    
    

 (Reporting by Ho Binh Minh; Editing by Martin Petty)
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