Vietnam index eases; further fall likely on sea dispute

Tue May 13, 2014 4:38am EDT

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HANOI, May 13 (Reuters) - Vietnam's benchmark VN Index
 ended down on Tuesday but the losses were limited by
buying in some blue-chips.
    However, further falls are likely in coming days due to
continued tension over a sea dispute with China, analysts said.
    The index lost 0.61 percent to close at 513.91 points,
slowing from a fall of nearly 5 percent the previous session.
 
    "The market remains on a downward trend, and in the short
term tension at the East Sea (with China) has influence on
sentiment," said Nguyen Thanh Lam, a senior analyst at Maybank
Kim Eng Securities, referring to the South China Sea.
    Low volume on Tuesday showed many investors preferred to
stay on the sidelines, Lam said, adding that the market still
lacked stability and could face more falls over the next week. 
    Tensions rose in the resource-rich South China Sea last week
after China positioned a giant oil rig in an area also claimed
by Vietnam. Each country accused the other of ramming its ships
near the disputed Paracel Islands. 
    Buying in some blue-chips provided support, with gains in
property firm HAGL, PV Drilling and Eximbank
 helping narrow the decline.
    Here is a snapshot of the VN Index at the close (0801
GMT).   
                   VN Index       513.91            
                PREV. CLOSE       517.05            
                   % CHANGE       -0.61%            
                                                    
                       HIGH       518.45            
                        LOW       508.51            
                                                    
          Change (%) 1-mnth      -13.907            
          Change (%) 3-mnth       -8.365            
          Change (%) 1-year        6.367            
                                                    
               52-week high       609.46   25-Mar-14
               52-week low        462.13   30-Aug-13
 
 (Reporting by Ho Binh Minh; Editing by Sunil Nair)
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