May 20, 2014 / 8:41 AM / 3 years ago

Vietnam index up 0.8 pct at close; foreigners buy

HANOI, May 20 (Reuters) - Vietnam's benchmark VN Index
 closed up 0.84 percent on Tuesday as extended foreign
purchases defeated cautious selling over an ongoing dispute with
China, analysts said.
    Foreign investors have been net buyers on the Ho Chi Minh
Stock Exchange for 19 straight sessions ending on Monday, the
exchange's data showed.
    Despite a diplomatic tension between the two neighbouring
countries, foreigners increased their net purchases to include
cheap shares in their portfolios, analysts said.
    A six-month long political crisis in Thailand has also
prompted investors to eye on the fruitful Vietnamese equities,
but they still hesitated due to high stock prices in the first
quarter of 2014, said analyst Nguyen The Minh at Viet Capital
Securities.
    "The tumbles in Vietnam stocks due to the tension with China
have allowed foreigners, including those from Thailand, to pick
up cheap shares," Minh said.
    But investors are likely to take profit soon as they worried
the conflict would last longer, Minh said. 
    PetroVietNam Gas led gains, with shares rising 2.9
percent and dairy product maker Vinamilk advanced 0.8
percent.
    Here is a snapshot of the VN Index at the close (0801
GMT).
                VN Index      537.52            
             PREV. CLOSE      533.04            
                % CHANGE       0.84%            
                                                
                    HIGH      537.93            
                     LOW      527.69            
                                                
       Change (%) 1-mnth      -5.712            
       Change (%) 3-mnth      -7.798            
       Change (%) 1-year       9.319            
                                                
            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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