Vietnam index ends down 0.5 pct; FLC up on earnings

Wed Jul 30, 2014 4:24am EDT

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HANOI, July 30 (Reuters) - Vietnam's benchmark VN Index
 closed down 0.49 percent on Wednesday, with shares of
property firm FLC Group Co bucking the trend on solid
corporate results.
    The Hanoi-based property firm posted a net profit of 177
billion dong ($8.3 million) in the first half of this year, or
51 percent of its annual target, it said on Wednesday.
 
    FLC shares rose 3.2 percent to its highest close since April
14, with volume accounting for 30 percent of the total shares
traded on Wednesday, Reuters data showed.
    "Investors tend to trade on stocks with high liquidity for
quick profits when the market trend is unclear," said analyst
Tran Thang Long of BIDV Securities.
    The index is likely to hover around the current level or
fall in coming weeks, analysts said, adding that Moody's
upgrading its credit rating for Vietnam on Tuesday did not have
any immediate effect on the market. 
    Here is a snapshot of the VN Index at the close (0801
GMT).
                 VN Index       589.33            
              PREV. CLOSE       592.24            
                 % CHANGE       -0.49%            
                                                  
                     HIGH       593.58            
                      LOW       588.53            
                                                  
        Change (%) 1-mnth        2.319            
        Change (%) 3-mnth        2.464            
        Change (%) 1-year       21.938            
                                                  
             52-week high       609.46   25-Mar-14
             52-week low        462.13   30-Aug-13
 ($1=21,210 dong)

 (Reporting by Mai Nguyen; Editing by Ho Binh Minh)
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