Vietnam index up 0.6 pct, eyes on foreign holdings

Wed Jan 15, 2014 12:03am EST

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HANOI, Jan 15 (Reuters) - Vietnam's benchmark VN Index
 rose 0.64 percent at the break on Wednesday on market
talks that the government would soon raise foreign holdings in
listed firms, an analyst said.
    The government would increase the foreign ownership limit to
60 percent, from 49 percent now, in some listed firms during or
right after Tet, said analyst Nguyen The Minh from Viet Capital
Securities. 
    All markets in Vietnam will be closed from Jan. 28 to Feb 5.
for Tet, the country's biggest festival to mark the Lunar New
Year.
    Shares of the companies in which foreign holdings are at
limit climbed in the morning session, including technology firm
FPT, Sai Gon Securities Incorp and
Refrigeration Electrical Engineering Corp.
    FPT rose 3.66 percent, SSI advanced 5.64 percent while REE
increased 2.55 percent. PetroVietNam Gas, Vietnam's
largest listed firm, also climbed 1.4 percent.
    The index would rise to its resistance level of 530-535
points before the end of next week, analysts said.
    Here is a snapshot of the VN Index at midday (0431
GMT).
                 VN Index       525.66            
              PREV. CLOSE       522.31            
                 % CHANGE        0.64%            
                                                  
                     HIGH       526.12            
                      LOW       522.45            
                                                  
        Change (%) 1-mnth        3.211            
        Change (%) 3-mnth        5.812            
        Change (%) 1-year       13.801            
                                                  
             52-week high       533.15   10-Jun-13
             52-week low        440.48   23-Jan-13
 
 (Reporting by Mai Nguyen)
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