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Vietnam index ends at 6-wk low, caution over a hearing
April 16, 2014 / 8:52 AM / 3 years ago

Vietnam index ends at 6-wk low, caution over a hearing

HANOI, April 16 (Reuters) - Vietnam's benchmark VN Index
 dropped 2.01 percent on Wednesday as investors were
cautious on the first day of a high-profile financial fraud
case.
    Asia Commercial Bank's founder and tycoon Nguyen
Duc Kien faced a court hearing in Hanoi on Wednesday morning
with four charges including fraud and tax dodging, causing
losses of nearly 1.7 trillion dong ($80.7 million), according to
prosecutors.
    The hearing was suspended until further notice because a
former government minister, who had also been due to stand the
Wednesday hearing, was absent, the court said.
    "Market sentiment was strongly affected by this big
financial case," said analyst Tran Thang Long at BIDV
Securities.
    Lack of supportive news and recent falls also discouraged
investors from buying, analysts said.
    The index has fallen for five straight sessions, closing at
574.29 points on Wednesday, the lowest level since March 4,
Reuters data showed.
    Most stocks lost ground, led by PetroVietNam Gas,
Vietnam's biggest listed firm, that dropped 2.69 percent,
followed by property firm Vingroup with a 2.94-percent
fall.
    Here is a snapshot of the VN Index at the close (0801
GMT).
                 VN Index       574.29            
              PREV. CLOSE       586.09            
                 % CHANGE       -2.01%            
                                                  
                     HIGH       585.51            
                      LOW       567.61            
                                                  
        Change (%) 1-mnth         -1.8            
        Change (%) 3-mnth        11.28            
        Change (%) 1-year       22.097            
                                                  
             52-week high       609.46   25-Mar-14
             52-week low        462.13   30-Aug-13
 ($1=21,075 dong)

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

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