HANOI, May 12 Vietnam's benchmark VN Index
ended down 4.68 percent on Monday at a four-month low as
investors continued selling due in part to repayment pressure,
but the fall may not last long as bargain hunters could soon
step in, an analyst and traders said.
The index lost 25.41 points to close at 517.05, the lowest
since Jan. 9, 2014, Reuters data show.
"There could be one or two more spans of decline before the
market starts rising again," said Nguyen Tuan, a deputy manager
of An Binh Securities. Each span would be equal to the drop in
percentage on Monday, he said.
A fall in share prices could have prompted a group of
investors to offload stocks to repay the loans taken for
investment in equities, while other retail investors were
worried and could continue selling, he said.
Major investors, both Vietnamese and foreigners, have been
buying as shares become cheaper, and their purchase in coming
days could provide support to the market, he said.
Traders said the fall on Monday was also caused by worries
over tension in Vietnam's waters caused by China since early
Pharmaceutical firm DHG topped the losers' list,
with shares losing 6.98 percent, followed by technology firm FPT
Corp with a 6.91 percent fall.
Companies in the oil and gas sector also lost ground,
including PV Drilling and Petrovietnam Gas.
Here is a snapshot of the VN Index at the close (0801
VN Index 517.05
PREV. CLOSE 542.46
% CHANGE -4.68%
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)