Vietnam index at 2-wk low as funds restructure portfolios

Fri Jun 20, 2014 4:38am EDT

HANOI, June 20 (Reuters) - Vietnam's benchmark VN Index
 fell 1.16 percent on Friday to close at 560.78 points,
its lowest level since June 6, as exchange-traded funds
restructure their second-quarter portfolios, analysts said.    
    Food producer Masan Group tumbled 6.35 percent to
88,500 dong ($4.17) per share, its lowest close since May 8,
while property firm Vingroup lost 1.57 percent.
    Masan and Vingroup were among those that fell on selling by
the Market Vectors Vietnam exchange-traded fund in the
last trading day of its second-quarter portfolio restructuring,
analysts said.
    VNM ETF, however, bought a large number of shares from Ho
Chi Minh City-based lender Sacombank, which boosted the
stock by 2.38 percent, with its strongest volume in five years
at 23.7 million shares, Reuters data showed.
    Another ETF, db x-trackers FTSE Vietnam, was also
on its last day of restructuring on Friday, keeping volume on
the Ho Chi Minh Stock Exchange at a solid level of 123 million
shares against the five-day average level of 109 million,
according to Reuters data.
    "But losses today are not fundamental and mostly on selling
by ETF, so the index is likely to increase in the next sessions
on bargain hunting," said Hoang Huy, analyst at ACB Securities.
    Here is a snapshot of the VN Index at the close (0801
GMT). 
                VN Index      560.78           
             PREV. CLOSE      567.35           
                % CHANGE      -1.16%           
                                               
                    HIGH      571.76           
                     LOW      560.78           
                                               
       Change (%) 1-mnth       6.437           
       Change (%) 3-mnth      -6.315           
       Change (%) 1-year       12.71           
                                               
            52-week high      609.46  25-Mar-14
            52-week low       462.13  30-Aug-13
 ($1=21,280 dong)

 (Reporting by Mai Nguyen; Editing by Sunil Nair)
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