Vietnam index up 0.6 pct, eyes on foreign holdings
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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