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Vietnam index hits 4-month low, tension with China looms
May 12, 2014 / 4:57 AM / 4 years ago

Vietnam index hits 4-month low, tension with China looms

HANOI, May 12 (Reuters) - 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%           
                       HIGH       536.82           
                        LOW       512.25           
          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)

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