Vietnam index hits 3-wk low; margin calls weigh

Tue Apr 1, 2014 4:47am EDT

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HANOI, April 1 (Reuters) - Vietnam's benchmark VN Index
 ended down 1.31 percent at 583.85 points on Tuesday, its
lowest level since March 10, partly due to selling on margin
calls, with analysts expecting further falls soon.
    Some investors sold shares to keep up with the minimum
maintenance margin required by brokerage firms, analysts said.
    "The index's recent strong falls have forced some investors
to sell stocks from their margin account," said analyst Do Bao
Ngoc at VPBank.
    Around three quarters of shares on the Ho Chi Minh Stock
Exchange lost ground, led by food producer Masan Group 
that fell 2.06 percent to close at 95,000 dong ($4.5), its
lowest since Feb. 21, Reuters data showed.
    Top insurer Baoviet Holdings dropped 4.21 percent
while property firm Vingroup fell 1.36 percent.
    The VN Index lost a combined 2.2 percent over the past week
after gaining around 20 percent since the beginning of this
year, Reuters data showed.
    The index is likely to fall further, with a strong support
at around 570 points, analysts said. 
    Here is a snapshot of the VN Index at the close (0801
GMT).
                 VN Index       583.85           
              PREV. CLOSE       591.57           
                 % CHANGE       -1.31%           
                                                 
                     HIGH       593.03           
                      LOW        582.3           
                                                 
        Change (%) 1-mnth        0.868           
        Change (%) 3-mnth       17.229           
        Change (%) 1-year       20.473           
                                                 
             52-week high       609.46  25-Mar-14
             52-week low        462.13  30-Aug-13
 ($1=21,085 dong)

 (Reporting by Mai Nguyen; Editing by Sunil Nair)
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