June 10, 2014 / 8:57 AM / 4 years ago

Vietnam index at 6-wk high; GAS up on possible stake sale

HANOI, June 10 (Reuters) - Vietnam's benchmark VN Index
 edged up 0.23 percent to close at 566.89 points on
Tuesday, a six-week high, with shares of PetroVietNam Gas
 gaining on market talks of a possible stake sale to
foreign investors, analysts said.
    Tuesday's close is the highest since April 29.
    Shares in GAS, Vietnam's biggest listed firm, closed up 2.88
percent at a record high of 107,000 dong ($5.05) on talks that
state oil group Petrovietnam could sell part of its 97-percent
stakes in GAS to foreigners.
    An analyst said Petrovietnam could sell GAS shares at
100,000-110,000 dong each.
    Property firm HAGL also advanced 0.83 percent after
it signed a 6.3-trillion-dong ($297 million) agriculture project
with two Vietnamese firms to expand investment in the husbandry
sector, the company said in a statement on Tuesday.
    But investors have begun taking profit from many stocks
following recent gains of the index, so falling shares
outnumbered those that gained on the market, said analyst Le Dac
An with Tan Viet Securities.
    Foreign investors have trimmed their net buying of
Vietnamese equities in the past four sessions, with net purchase
amount reaching 40 billion dong on Tuesday, compared with 54
billion dong in their average daily value so far in June, the
exchange's data showed.
    Here is a snapshot of the VN Index at the close (0801
                VN Index      566.89             
             PREV. CLOSE      565.61             
                % CHANGE       0.23%             
                    HIGH      571.73             
                     LOW      564.32             
       Change (%) 1-mnth       4.268             
       Change (%) 3-mnth      -2.439             
       Change (%) 1-year       7.129             
            52-week high      609.46    25-Mar-14
            52-week low       462.13    30-Aug-13
 ($1=21,185 dong)

 (Reporting by Mai Nguyen; Editing by Ho Binh Minh)
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