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Vietnam index drops 1 pct, volume low
February 2, 2015 / 8:43 AM / 3 years ago

Vietnam index drops 1 pct, volume low

HANOI, Feb 2 (Reuters) - Vietnam's benchmark VN Index 
dropped 0.99 percent to 570.37 points on Monday, with investors
offloading shares in caution after a circular capping loans' for
stock investment went into effect.
    Appetite was weak on the first day after banks' loans for
investment in shares are capped at 5 percent of a bank's
registered capital as of Feb. 1 as per a central bank's
directive, which experts said has been hurting inflows into
equities despite its long-run benefit to the financial system.
    Investors stayed on the sidelines, dragging volume down to
85 million shares, well below the five-day average of 114
million, while declining shares outnumbered risers by more than
three to one, Reuters data showed.
    Almost all blue chips lost ground, led by food producer
Masan Group that fell 1.79 percent and dairy product
maker Vinamilk with a 0.96-percent fall, and the
banking sector also headed south after gains for most of
January, Reuters data showed.
    "Risk-averse investors should step aside from the market to
protect funds and reduce risks, while risk-lovers might add in
stocks with surprising business results," said brokerage
Vietcombank Securities in a note to clients.
    Here is a snapshot of the VN Index at the close (0801
                   VN Index       570.37             
                PREV. CLOSE       576.07             
                   % CHANGE       -0.99%             
                       HIGH       579.73             
                        LOW       570.37             
          Change (%) 1-mnth        7.162             
          Change (%) 3-mnth       -2.219             
          Change (%) 1-year        3.513             
               52-week high       644.56     3-Sep-14
               52-week low        508.51    13-May-14
 (Reporting by Mai Nguyen; Editing by Ho Binh Minh)

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