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STOCKS NEWS VIETNAM-Index rises on technical buying

The Ho Chi Minh Stock Exchange's VN Index gained slightlyby midday, on course for its third consecutive rise due totechnical buying in some energy stocks, while supportive newswas absent.

At 0430 GMT the index was up 0.26 percent at 394.48.

"It is just technical buying from investors when the marketstayed near support levels while there is lack of sell orders,"said Lai Duc Long, a broker at Phu Hung Securities, adding therewas no supportive news.

Investors were buying shares of major companies in the oiland gas sectors such as Petrovietnam Finance Corp andPetrovietnam Construction .

The index has been moving between 380-400 points in the pastthree to four weeks, while no significant changes are expectedeven after several positive earnings reports have been released,he added.

The current winning streak would not last long, said NguyenTuan, an investment manager at APEC Securities.

"Yesterday's sharp spike raised hopes for a wave of uptrend,but this trend is curbed by low volume and signs of risinginterest rates in the monetary markets," Tuan said. "There wouldbe no breakthrough in the near term."

(Reporting by Dang Trung Nghia; Editing by Ho Binh Minh)

(Hanoi newsroom; +844 3825-9623; email:duy.vu@thomsonreuters.com)

Keywords: MARKETS VIETNAM STOCKSNEWS/