Vietnam index ends up 1.05 pct on widespread buying

Thu Apr 17, 2014 4:29am EDT

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HANOI, April 17 (Reuters) - Vietnam's benchmark VN Index
 climbed 1.05 percent to close at 580.31 points on
Thursday as investors picked up cheap shares after recent falls.
   
    "Given such sharp drop in the previous session while there
was no bad news, some investors thought it was a good time to
join the market," said analyst Nguyen Hoang Phuong at Ho Chi
Minh City Securities.
    The index closed at a six-week low on Wednesday after having
fallen for five straight sessions. 
    Most stocks advanced, led by Vietnam's biggest listed firm
PetroVietNam Gas, with a 1.66-percent advance. Food
producer Masan Group rose 1.06 percent and Ho Chi Minh
City-based lender Sacombank increased 2.11 percent.
    But low trading and expected weak buying demand at higher
prices would prevent the index from strong gains, analysts said.
    Here is a snapshot of the VN Index at the close (0801
GMT).
                 VN Index       580.31            
              PREV. CLOSE       574.29            
                 % CHANGE        1.05%            
                                                  
                     HIGH       583.51            
                      LOW       575.83            
                                                  
        Change (%) 1-mnth       -3.777            
        Change (%) 3-mnth        7.638            
        Change (%) 1-year       20.127            
                                                  
             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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