Vietnam index closes at 2-wk low on late selling

Mon May 5, 2014 4:48am EDT

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HANOI, May 5 (Reuters) - Vietnam's benchmark VN Index 
ended down 2.28 percent on Monday at its lowest level since
April 21 as pessimistic investors offloaded stocks on lack of
supportive news.
    Selling picked up near the end of the session as investors
were discouraged by a slow trade earlier in the day, analysts
said.
    Volume reached 76 million shares, well above the five-day
average level of 49.7 million, Reuters data showed.
    "There is a possibility of loss cutting today," said analyst
Vu Duy Khanh of Navibank Securities.
    Around 70 percent of tickers lost ground on the first
trading session after a three-day holiday, led by Hanoi-based
Vietcombank tumbling 5.9 percent and food producer
Masan Group with a 5.21-percent drop.
    Dairy product maker Vinamilk also fell 1.44 percent
while Vietnam's largest listed firm PetroVietNam Gas 
closed unchanged after failing to keep up its morning gains.
    Analysts expected the index to further decline to as low as
530 points in the next few months.
    Here is a snapshot of the VN Index at the close (0801
GMT).
                 VN Index       564.85             
              PREV. CLOSE          578             
                 % CHANGE       -2.28%             
                                                   
                     HIGH       580.11             
                      LOW       564.47             
                                                   
        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 Ho Binh Minh)
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