Vietnam index dips 0.6 pct after moves by China, c.bank

Thu Jun 19, 2014 1:30am EDT

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HANOI, June 19 (Reuters) - Vietnam's benchmark VN Index
 fell 0.58 percent by midday on Thursday with investors
selling stocks following reports on China moving a second oil
rig amid disputes at seas and after the central bank allowed a
small depreciation of the dong.
    The index fell to the lowest level since June 9 in early
trade before edging up to 566.70 points by midday, Reuters data
showed.
    Vietnam lowered the mid-point rate for interbank trading by
1 percent on Thursday to 21,246 dong per dollar to support
exports. 
    State-run media in Vietnam cited China's maritime safety
administration as saying Beijing was relocating a second oil rig
in the South China Sea.
    "Investors strongly reacted to this news," said analyst Doan
Thi Anh Nguyet of Saigon-Hanoi Securities.
    Strong selling on Thursday morning also followed several
sessions of weak buying demand after the index failed to surpass
its resistance level of 580 points, Nguyet added.
    The number of losing shares was almost six times higher than
those that gained, with volume surging to 90 million shares by
midday, close to a five full day average level of 91 million,
Reuters data showed.
    Food producer Masan Group led the losses with a
fall of 1.57 percent, followed by Hanoi-based lender Vietcombank
 that decreased 1.15 percent.
    Here is a snapshot of the VN Index at midday (0431
GMT). 
                VN Index       566.7            
             PREV. CLOSE      570.03            
                % CHANGE      -0.58%            
                                                
                    HIGH      566.75            
                     LOW      558.65            
                                                
       Change (%) 1-mnth       7.656            
       Change (%) 3-mnth      -4.971            
       Change (%) 1-year      14.262            
                                                
            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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