MARKET COMMENT: Vietnam Shares Down 0.9%; Immediate Support At 480
01/31/2013| 12:25am US/Eastern
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0509 GMT [Dow Jones] Vietnam shares are down 0.9% at 483.27 as local investors seek cash before the traditional Lunar New Year holiday, traders say. "It's time to cash out because many large-cap stocks have risen more than 20% in recent weeks. Also, many retail investors need money for the week-long holiday," says a trader with ACB Securities. Still, he notes that foreign funds' strong buying interest will lend support. Among decliners, Bao Viet Holdings (BVH.VH) is down 3.6% at VND53,000, Hoang Anh Gia Lai (>> HAGL JSC) is down 2.0% at VND29,100 and Vietcombank (>> Joint St Co Bank for Foreign Trade of VN) is down 1.5% at VND33,800. Traders tip immediate support for the key index at 480. (phammuoi.nguyen@dowjones.com)
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