January 21, 2014 / 5:06 AM / in 4 years

Vietnam index slides 0.5 pct at midday ahead of holidays

2 Min Read

HANOI, Jan 21 (Reuters) - Vietnam's VN Index edged
down 0.54 percent at Tuesday's break on short falls of some blue
chips as local investors pulled money out of the market ahead of
next week's Lunar New Year holiday.
    The index climbed to its highest in more than four years on
Monday after gaining for 12 straight sessions, Reuters data
showed. Some investors were taking quick profits from large
stocks, the main gainers in recent weeks, said Tran Thang Long
of BIDV Securities.
    Food producer Ma San Group dropped 3.03 percent and
PetroVietNam Gas, Vietnam's largest listed firm, fell
1.29 percent.
    Domestic traders were selling equities prior to the Tet
holiday, when Vietnam's financial markets will be closed from
Jan. 28 to Feb. 5, Long said.
    But some blue chips were still of interest by foreign
investors, including exchange-traded funds Market Vectors
Vietnam and db x-trackers FTSE Vietnam as
their premiums had increasing recently, Long said.
    Analysts also said political turmoil in Thailand has also
prompted investors to shift attention towards Vietnam.
    Here is a snapshot of the VN Index at midday (0431
GMT).
                 VN Index       550.68             
              PREV. CLOSE       553.67             
                 % CHANGE       -0.54%             
                                                   
                     HIGH       555.83             
                      LOW       547.65             
                                                   
        Change (%) 1-mnth        9.757             
        Change (%) 3-mnth       10.551             
        Change (%) 1-year       21.911             
                                                   
             52-week high       559.93    20-Jan-14
             52-week low        440.48    23-Jan-13
                                                   
 
 (Reporting by Mai Nguyen; Editing by Martin Petty)

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