April 18, 2014 / 8:37 AM / 3 years ago

Vietnam index ends at 9-wk low, more falls expected

HANOI, April 18 (Reuters) - Vietnam's benchmark VN Index
 closed 2.58 percent down on Friday at 565.33 points, its
lowest level since Feb. 12, boosted by strong selling from major
investors and more falls were expected next week as the market
lacked supportive news, analysts said.
    Most blue chips in Ho Chi Minh City Stock Exchange's VN30
Index -- which features on the top 30 best performing companies
-- lost ground, led by real estate firms and banks.
    HAGL Co lost 2.23 percent, and Vingroup 
tumbled 2.26 percent to 65,000 dong ($3.08) per share, its
lowest price in six months.
    Hanoi-based lender Vietcombank fell 1.7 percent and
Vietinbank dropped 1.86 percent. 
    The trading volume staying low in the past two weeks showed
that the market have been on its downtrend in the medium term,
said Nguyen Tuan, Deputy Manager at An Binh Securities.
    About 117 million shares were traded on Friday, below the
five-day average of 129 million. 
    "Big investors are selling after some blue chips reached
their top prices," Tuan added. "The market is expected to dip
further in the next several weeks."
    The index has lost nearly 5.2 percent this week.
    Here is a snapshot of the VN Index at the close (0801
              VN Index     565.33            
           PREV. CLOSE     580.31            
              % CHANGE     -2.58%            
                  HIGH     580.89            
                   LOW     565.33            
     Change (%) 1-mnth      -3.34            
     Change (%) 3-mnth      6.755            
     Change (%) 1-year     19.901            
          52-week high     609.46   25-Mar-14
          52-week low      462.13   30-Aug-13
 ($1=21,080 dong)

 (Reporting by Nguyen Phuong Linh; Editing by Ho Binh Minh)

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