January 25, 2016 / 8:54 AM / 4 years ago

UPDATE 2-Vietnam index posts biggest jump in nearly 4 years

* Three quarters of shares climb
    * Banking and energy shares lead the rise
    * Market uncertain, depending on oil prices and congress

 (Adds analyst comment, updates prices)
    By My Pham
    HANOI, Jan 25 (Reuters) - Vietnam's VN Index rose
3.85 percent on Monday, the strongest single-day jump since
March 2012, helped by a rise in oil prices earlier in the day
and positive sentiment about the ongoing Communist Party
congress, analysts said.
    Three quarters of the shares on the benchmark index climbed,
led by banks with five of the country's six listed lenders
rising. Vietcombank advanced 5.56 percent and
VietinBank soared 6.83 percent.
    Vietnam's progressive prime minister was among preliminary
nominations for the Communist Party's central committee on
Sunday, an official said, maintaining the possibility of him
contesting the party leadership to be decided this week.
 
    "The fact that congress is taking place smoothly boosted the
positive sentiment of the market," said Ha Le, analyst at
Vietcombank Securities.
    Energy stocks soared after crude oil futures extended gains
on Monday on short-covering and fuel demand triggered by
freezing weather in parts of the northern hemisphere.
PetroVietnam Gas jumped 6.88 percent. 
    Shares in real-estate company Hoang Anh Gia Lai JSC 
also rose 6.33 percent, rebounding from Friday's record low of
7,900 dong, after the central bank rejected market rumour on
investigation into HAGL. 
    As many as 164.3 million shares changed hands, well above
their 30-day average of 122.86 million, Thomson Reuters data
showed.
    The market is uncertain in the coming sessions, with
movements heavily depending on global oil prices and
developments at the ongoing congress, analysts expected.
    The congress, which is conducted behind closed doors, will
decide who will be Vietnam's key leaders for the next five
years. 
    The index, Southeast Asia's best performer last year, has
lost a combined 6.3 percent so far this year, compared with a
6.1 percent gain a year earlier.
    Here is a snapshot of the VN Index at the close (0801
GMT).
          VN Index   542.35           
       PREV. CLOSE   522.24           
          % CHANGE   +3.85%           
                                      
              HIGH   542.36           
               LOW   522.24           
                                      
 Change (%) 1-mnth   -7.789           
 Change (%) 3-mnth  -12.240           
 Change (%) 1-year   -9.103           
                                      
      52-week high   641.06  15-Jul-15
      52-week low    511.13  25-Aug-15
 ($1=22,380 dong)

 (Reporting by My Pham; Editing by Gopakumar Warrier)
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