HANOI, May 12 Vietnam's benchmark VN Index
fell 4.54 percent by midday after touching a four-month
low as investors sold stocks to limit losses while tension with
China mounted, traders said.
The index fell to a session low of 512.25, the lowest
intraday level since Jan. 8, 2014, before recovering slightly to
end the morning session at 517.85.
Last Thursday Vietnamese stocks posted their biggest
single-day drop in nearly 13 years as tension mounted between
China and Vietnam in the South China Sea.
On Sunday thousands Vietnamese took to the street in Hanoi,
Ho Chi Minh City to protest against China which towed a giant
oil rig into Vietnamese waters early this month and deployed a
fleet of vessels to protect its operation.
"The market has already been on a general decline and the
tension with China is a catalyst added to the fall," a
Hanoi-based trader said. "Those who bought recently have to cut
losses," he said.
Pharmaceutical firm DHG led the decline, with
shares falling 6.98 percent, followed by technology firm FPT
Corp with a 6.91 percent drop, based on Reuters data.
Here is a snapshot of the VN Index at midday (0431
VN Index 517.85
PREV. CLOSE 542.46
% CHANGE -4.54%
Change (%) 1-mnth -10.077
Change (%) 3-mnth -1.328
Change (%) 1-year 11.567
52-week high 609.46 25-Mar-14
52-week low 462.13 30-Aug-13
(Reporting by Ho Binh Minh; Editing by Anand Basu)