Vietnam index down 1 pct at midday despite record-high PMI

Mon May 5, 2014 1:00am EDT

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HANOI, May 5 (Reuters) - Vietnam's benchmark VN Index 
was down 1 percent at the break on Monday with a supportive
manufacturing report failing to boost market sentiment.
    A report by HSBC on Friday showed a solid improvement in
Vietnam's manufacturing sector, with its purchasing managers
index (PMI) in April touching a record high at 53.1 on "strong
growth of production and purchasing activity."
    "Investors selling stocks despite supportive news showed
that the index would fall further in the coming sessions," said
Nguyen Tuan, deputy manager with An Binh Securities.
    The market may also suffer from a lack of news as the annual
general meetings season is soon ending, Tuan added.
    Hanoi-based Vietcombank led the losses with a
3.13-percent fall, followed by food producer Masan Group
, which is down 2.6 percent.
    Here is a snapshot of the VN Index at midday (0431
GMT).
                 VN Index       572.23           
              PREV. CLOSE          578           
                 % CHANGE       -1.00%           
                                                 
                     HIGH       580.11           
                      LOW       571.65           
                                                 
        Change (%) 1-mnth       -2.741           
        Change (%) 3-mnth         3.86           
        Change (%) 1-year        21.81           
                                                 
             52-week high       609.46  25-Mar-14
             52-week low        462.13  30-Aug-13
 
 (Reporting by Mai Nguyen; Editing by Sunil Nair)
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