Vietnam index up 0.7 pct at midday on home loans plan

Mon Mar 24, 2014 1:37am EDT

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HANOI, March 24 (Reuters) - Vietnam's benchmark VN Index
 climbed 0.7 percent at the break on Monday, lifted by
news that a credit package aimed at boosting the country's
ailing real estate market would soon be released.
    The Vietnam Construction Bank would issue a loan package
worth 50 trillion dong ($2.4 billion) to support property
buying, renovations and related businesses like construction
materials, housewares and furniture, state media reported on
Sunday.
    "This news boosted the sentiment, lifting most stocks on the
market, especially those of small and troubled property firms,"
said Nguyen Tuan of An Binh Securities.
    The banking sector led gains, with Vietcombank, the
country's biggest listed lender, rising 2.25 percent and Ho Chi
Minh City-based Sacombank climbing 4 percent.
    However, major real estate stocks including Vingroup
 and HAGL fell in the morning session.
    The index might see corrections this week as selling,
especially that of foreign investors, was expected to increase,
Tuan said. Foreigners have been net sellers this month at a net
trading value of 976 billion dong. They have been net buyers
since September last year, exchange data showed.
    Here is a snapshot of the VN Index at midday (0431
GMT).
                 VN Index       605.95           
              PREV. CLOSE       601.75           
                 % CHANGE        0.70%           
                                                 
                     HIGH        609.2           
                      LOW       604.18           
                                                 
        Change (%) 1-mnth        5.465           
        Change (%) 3-mnth       19.288           
        Change (%) 1-year       22.359           
                                                 
             52-week high       608.51  20-Mar-14
             52-week low        462.13  30-Aug-13
 ($1=21,075 dong)

 (Reporting by Mai Nguyen; Editing by Martin Petty)
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