STOCKS NEWS VIETNAM-Index rises on technical buying

The Ho Chi Minh Stock Exchange's VN Index gained slightly by midday, on course for its third consecutive rise due to technical buying in some energy stocks, while supportive news was absent.

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

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

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

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

The current winning streak would not last long, said Nguyen Tuan, 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 rising interest rates in the monetary markets," Tuan said. "There would be no breakthrough in the near term."

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

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