Vietnam index dips 0.2 pct, KDC up on Q3 sale hopes


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Vietnam index dips 0.2 pct, KDC up on Q3 sale hopes
Vietnam's benchmark VN Index dipped 0.17 percent at close on Wednesday, erasing earlier gains that had boosted the market near a five-year high.
PetroVietNam Gas, Vietnam's largest listed firm, closed down 0.85 percent, off the record high intra-day level of 118,000 dong ($5.57) hit in early trade, Reuters data showed.
Confectionery firm Kinh Do Corp outperformed the market, closing up 3.57 percent at 58,000 dong each, with 606,620 shares traded, the highest volume since November 2012.
"Investors expect revenues of Kinh Do to jump in the third quarter thanks to mooncake sales during the mid-autumn festival," said analyst Do Quang Hop of Saigon-Hanoi Securities.
The festival falls on Sept. 8 this year and sales of mooncake, a traditional bakery product that has now been increasingly used as gifts, are under way in major cities across the country.
Kinh Do may also gain on market talks that a foreign fund has agreed to buy KDC shares at 80,000 dong, a senior analyst said, well above its Wednesday close.
Here is a snapshot of the VN Index at the close (0801 GMT).
VN Index
PREV. CLOSE 607.73
% CHANGE -0.17%
LOW 605.63
Change (%) 1-mnth 3.119
Change (%) 3-mnth 7.591
Change (%) 1-year 23.107
52-week high 609.46
52-week low 462.13

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