Vietnam index falls near 4-wk low on strong sale

Wed Apr 2, 2014 4:47am EDT

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HANOI, April 2 (Reuters) - Vietnam's benchmark VN Index
 dipped 0.37 percent to close at the lowest level in
nearly a month as investors extended selling to the third day.
    The index ended at 581.67 points on Wednesday, the lowest
since March 7, having fallen around 4 percent since the
beginning of last week, Reuters data showed.
    Almost two thirds of shares fell, based on Reuters data,
partly due to offloading from investors who wanted to reduce
borrowing on margin, said deputy manager Nguyen Hoai Nam at
Maybank Kim Eng Securities.
    "Investors who traded stocks on margin fear multiple losses
as stocks fell," he said, referring to trading in stocks using
funds borrowed from brokerage firms.
    Food producer Masan Group led the losses, with
shares dropping 2.11 percent, followed by technology firm FPT
Corp that decreased 1.45 percent.
    The next support level is at around 565 points, where stocks
prices could become attractive to investors, analysts said.
    Here is a snapshot of the VN Index at the close (0801
GMT).
                 VN Index       581.67           
              PREV. CLOSE       583.85           
                 % CHANGE       -0.37%           
                                                 
                     HIGH        586.5           
                      LOW        574.4           
                                                 
        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
 
 (Reporting by Mai Nguyen; Editing by Ho Binh Minh)
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