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Vietnam index dips 1 pct on currency trading band change
August 12, 2015 / 4:52 AM / 2 years ago

Vietnam index dips 1 pct on currency trading band change

HANOI, Aug 12 (Reuters) - Vietnam's benchmark VN Index
 dropped 1.05 percent at the break on Wednesday after the
country's central bank widened the dollar/dong trading band,
with most big-cap shares losing ground.
    Vietnam doubled its trading band for interbank dollar/dong
transactions on Wednesday, aiming to protect its exports by
countering the adverse affects of a strengthening dollar and
yuan devaluation, the central bank said. 
    Analysts and traders said the adjustment will have negative
impact on the stock market in the next few sessions.
    "But those effects are short-term only and the index will
rebound soon," said Retail Research Manager Nguyen The Minh in
Viet Capital Securities. 
    Top dairy products maker Vinamilk, the country's
biggest firm by market value, declined 0.95 percent, Vietcombank
 decreased 2.55 percent and BIDV lost 2.04
    Here is a snapshot of the VN Index at midday (0431
            VN Index        606.64              
         PREV. CLOSE        613.05              
            % CHANGE        -1.05%              
                HIGH        611.46              
                 LOW        606.32              
   Change (%) 1-mnth        -2.269              
   Change (%) 3-mnth        11.126              
   Change (%) 1-year         1.814              
        52-week high        644.56      3-Sep-14
        52-week low         513.06     17-Dec-14
 (Reporting by My Pham; Editing by Ho Binh Minh)

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