Vietnam index drops 0.9 pct at midday in cautious trade

Wed Apr 2, 2014 1:16am EDT

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HANOI, April 2 (Reuters) - Vietnam's benchmark VN Index
 fell 0.88 percent to 578.71 points at the break on
Wednesday, with foreign investors' buying failing to curb the
impact of selling, an analyst said.
    Investors were cautious after the index dipped below its
support level of 585 points, and most selling was in small-cap
stocks that have gained strongly over the past months, said
analyst Doan Thi Anh Nguyet at Saigon-Hanoi Securities.
    "But blue chips were kept from steep falls thanks to buying
from foreign investors," Nguyet said.    
    On Tuesday foreign investors were net buyers, with a value
of 88 billion dong ($4.2 million), while in March their net
selling value was 1.7 trillion dong, the exchange's data showed.
    PetroVietNam Gas, the country's largest listed
firm, led the losses, with shares falling 0.6 percent, followed
by property firm Vingroup that decreased 1.38 percent.
    The index is in a downward trend, with the next support
level of between 565-570 points, analysts said.
    Here is a snapshot of the VN Index at midday (0431
GMT).
                 VN Index       578.71             
              PREV. CLOSE       583.85             
                 % CHANGE       -0.88%             
                                                   
                     HIGH        586.5             
                      LOW       578.71             
                                                   
        Change (%) 1-mnth       -0.448             
        Change (%) 3-mnth       15.699             
        Change (%) 1-year       15.429             
                                                   
             52-week high       609.46    25-Mar-14
             52-week low        462.13    30-Aug-13
 ($1=21,080 dong)

 (Reporting by Mai Nguyen)
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