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Vietnam index dips 0.5 pct on lower dong, rig spat
June 19, 2014 / 8:47 AM / 3 years ago

Vietnam index dips 0.5 pct on lower dong, rig spat

HANOI, June 19 (Reuters) - Vietnam's benchmark VN Index
 ended down 0.47 percent at 567.35 points on Thursday, the
lowest since June 10, following a central bank's currency
depreciation and China moving a second oil rig in the South
China Sea, analysts said.
    Vietnam lowered the mid-point rate for interbank trading by
1 percent on Thursday to 21,246 dong per dollar to support
exports, the key driver of the economy. 
    "The devaluation lowered assets value of investors," said
deputy manager Nguyen Tuan with An Binh Securities.
    State-run media in Vietnam also cited China's maritime
safety administration as saying Beijing was relocating a second
oil rig in the South China Sea, a move that analysts said
contributed to cautious sentiment on Thursday's trade.
    But analysts expected the lower dong value would have
short-term impact on the stock market, where the index has
already recovered partially since midday.
    "Cautious investors exercised profit taking immediately, but
bargain hunting was also seen as stocks fell," said analyst Tran
Minh Hoang of Vietcombank Securities.
    The index hit its lowest intraday level since June 9 in
early trade before rebounding in the afternoon session, and
volume jumped to 124 million shares, the highest since May 27,
Reuters data showed.
    Property firm Vingroup fell 2.31 percent and
Hanoi-based Vietcombank lost 1.54 percent.
    Here is a snapshot of the VN Index at the close (0801
                VN Index      567.35            
             PREV. CLOSE      570.03            
                % CHANGE      -0.47%            
                    HIGH      569.41            
                     LOW      558.65            
       Change (%) 1-mnth       7.656            
       Change (%) 3-mnth      -4.971            
       Change (%) 1-year      14.262            
            52-week high      609.46   25-Mar-14
            52-week low       462.13   30-Aug-13
 (Reporting by Mai Nguyen; Editing by Ho Binh Minh)

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