Vietnam index ends down 4.7 pct, buying may support

Mon May 12, 2014 5:13am EDT

Related Topics

HANOI, May 12 (Reuters) - Vietnam's benchmark VN Index
 ended down 4.68 percent on Monday at a four-month low as
investors continued selling due in part to repayment pressure,
but the fall may not last long as bargain hunters could soon
step in, an analyst and traders said.
    The index lost 25.41 points to close at 517.05, the lowest
since Jan. 9, 2014, Reuters data show.
    "There could be one or two more spans of decline before the
market starts rising again," said Nguyen Tuan, a deputy manager
of An Binh Securities. Each span would be equal to the drop in
percentage on Monday, he said.
    A fall in share prices could have prompted a group of
investors to offload stocks to repay the loans taken for
investment in equities, while other retail investors were
worried and could continue selling, he said.
    Major investors, both Vietnamese and foreigners, have been
buying as shares become cheaper, and their purchase in coming
days could provide support to the market, he said.
    Traders said the fall on Monday was also caused by worries
over tension in Vietnam's waters caused by China since early
this month. 
    Pharmaceutical firm DHG topped the losers' list,
with shares losing 6.98 percent, followed by technology firm FPT
Corp with a 6.91 percent fall.
    Companies in the oil and gas sector also lost ground,
including PV Drilling and Petrovietnam Gas.   
    Here is a snapshot of the VN Index at the close (0801
GMT).
                   VN Index       517.05            
                PREV. CLOSE       542.46            
                   % CHANGE       -4.68%            
                                                    
                       HIGH       536.82            
                        LOW       512.25            
                                                    
          Change (%) 1-mnth      -10.077            
          Change (%) 3-mnth       -1.328            
          Change (%) 1-year       11.567            
                                                    
               52-week high       609.46   25-Mar-14
               52-week low        462.13   30-Aug-13
 
 (Reporting by Ho Binh Minh; Editing by Anand Basu)
FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.