August 29, 2013 / 8:38 AM / 4 years ago

Vietnam index closes down 1 pct, foreign selling weighs

HANOI, Aug 29 (Reuters) - Vietnam's VN Index closed
down 1 percent on Thursday, bucking a regional sharemarket
rebound as foreigners dumped stocks and local investors were
reluctant to get involved, analysts said.
    Financials led the fall with Vietcombank down 5.3
percent and BaoViet Holdings shedding 4.5 percent,
fuelled by net selling by exchange-traded funds.
    Real estate companies also lost, with VinGroup down
3.15 percent and Hoang Anh Gia Lai 1 percent.
    The foreign outflow meant the index could struggle to regain
lost ground, unless there was news that could change sentiment
about Vietnam's sluggish economy, said Tran Minh Hoang of
Vietcombank Securities.
    "If foreign investors keep selling in the next days, the
index will be unable recover as local investors always been
impacted negatively by foreigners' selling," Hoang said.
    Here is a snapshot of the VN Index at the close (0801
GMT.)
             VN Index    468.55            
          PREV. CLOSE     473.3            
             % CHANGE    -1.00%            
                                           
                 HIGH    477.09            
                  LOW    468.55            
                                           
    Change (%) 1-mnth    -4.177            
    Change (%) 3-mnth    -8.334            
    Change (%) 1-year    22.687            
                                           
         52-week high    533.15   10-Jun-13
         52-week low     372.39    5-Nov-12
 
 (Compiled by Hanoi Newsroom; Editing by Martin Petty)

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