Vietnam index rises 1 pct on foreign ownership hike
HANOI, Feb 24 (Reuters) - Vietnam's benchmark VN Index closed up 1.05 percent at 576.58 points on Monday on news that the government would make a decision late this month on raising the foreign ownership limit in some listed firms, analysts said. News on the government planning to raise the foreign ownership in some listed firm to 60 percent from 49 percent first emerged in late December 2013. On Monday the Hai Quan Online (Customs) newspaper said the government may finalise the move in late February, quoting the State Securities Commission, the stock market watchdog. "Investors' excitement on the raise, possibly signed by the prime minister this week, has erased worries over the fear of corrections (of the index)," said Trinh Hoai Giang, a senior official at Ho Chi Minh City Securities. Saigon Securities Incorp climbed 4.76 percent, Ho Chi Minh Securities Corp jumped 5.96 percent and technology firm FPT Corp advanced 2.59 percent. The three firms are among 30 listed companies which currently have foreign ownership at limit, Giang said. Analysts had expected the index to ease to 535-540 points due to extended selling that lifted the volume on the exchange to a record high last Thursday. Here is a snapshot of the VN Index at the close (0801 GMT). VN Index 576.58 PREV. CLOSE 570.57 % CHANGE 1.05% HIGH 576.58 LOW 570.07 Change (%) 1-mnth 1.904 Change (%) 3-mnth 13.312 Change (%) 1-year 19.684 52-week high 584.1 20-Feb-14 52-week low 459.64 27-Feb-13 (Reporting by Mai Nguyen; Editing by Ho Binh Minh)
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