Vietnam index rises 1 pct on foreign ownership hike

Mon Feb 24, 2014 4:07am EST

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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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