VN-Index on Vietnam's southern stock market climbs on investor optimism

GMT 07:57 2014 Friday ,13 June

Arab Today, arab today VN-Index on Vietnam's southern stock market climbs on investor optimism

VN-Index, the main index of Ho Chi Minh (HCM)
Ho Chi Minh City - XINHUA

 VN-Index, the main index of Ho Chi Minh (HCM) City bourse in southern Vietnam climbed up this week thanks to investors' optimism that spurred blue chips.
According to analysts, investors reacted positively to the information of a potential expansion of the foreign holdings' limit in securities companies in the near future.
Chairman of the Vietnam State Securities' Commission Vu Bang told local media that the commission is waiting for the government 's approval to lift foreign ownership in all eligible businesses. Among them securities companies are likely to get a jump start over the others in having their foreign ownership limits increased.
Currently, foreign investors can hold either 49 percent or 100 percent of the stake in brokerages or establish a wholly-owned securities firms.
Since Vietnam issued a decree in 2012 that allowed foreigners to take full ownership of brokerage firms, Maybank Kim Eng is the only wholly foreign-invested firm among the 90 securities companies operating in Vietnam. Forty companies have foreign ownership ranging from five to 49 percent.
The VN-Index closed at 574.48 points on Friday, up 0.71 points, or 0.12 percent, from the previous trading day's close. From the previous week's close, the index won 15.44 points, or 2.76 percent.
During the week, the index experienced five straight ups, posting the highest level of 574.48 points on Friday and the lowest level of 565.61 points on Monday. In comparison, it ranged between 551.1 points and 559.04 points the previous week.
About 72.408 million shares worth 1.128 trillion VND (53.5 million U.S. dollars) changed hands on the HCM City Stock Exchange (HoSE) on Friday, a decrease of 32.77 percent in volume and 26.18 percent in value as against Thursday.

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