Vietnam index ends up 0.8 pct, boosted by blue chips

Wed Jan 15, 2014 3:46am EST

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HANOI, Jan 15 (Reuters) - Vietnam's benchmark VN Index
 closed up 0.84 percent on Wednesday, the ninth straight
gain, as investors bought several blue chips with expectation
the government would soon allow foreign investors to own more in
listed firms, analysts said.
    Shares of the companies, in which foreign holdings are at
limit, advanced. Sai Gon Securities Incorp rose 5.13
percent, technology firm FPT increased 1.63 percent and
Refrigeration Electrical Engineering Corp gained 0.96
percent.
    The government could raise foreign ownership limit to 60
percent, from 49 percent now, in some listed firm within two
weeks, analysts said. 
    Investors also bought speculative stocks in the real estate
sector, after a Rockefeller firm has agreed to develop a $2.5
billion resort project in Vietnam. 
    Shares of property firm Tan Tao Investment and Industry Corp
 jumped 6.15 percent, while its volume hit a record high
of 23.1 million shares, Reuters data showed.
    The index, which has advanced for nine consecutive sessions,
might rise beyond its resistance level of 530-533 points within
two weeks, analysts said.
    The political crisis in Thailand has also prompted foreign
investors to search opportunity in Vietnam's stock market,
analysts said. 
    The VN Index is Southeast Asia's best performer in 2013.
    Here is a snapshot of the VN Index at the close (0801
GMT).
                 VN Index       526.68            
              PREV. CLOSE       522.31            
                 % CHANGE        0.84%            
                                                  
                     HIGH       527.09            
                      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; Editing by Ho Binh Minh)
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