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S&P launches Vietnam 10 index


September 20, 2008

S&P launches Vietnam 10 index
Standard & Poor's has launched its S&P Vietnam 10 Index to help foreign investors better gauge the largest and most liquid companies listed on the communist country's stock exchanges, Reuters reported.

The new index comprises consumer discretionary, energy, financial, industrial, information technology, materials and utilities companies, Standard & Poor's said in a statement.

The top five companies in the index -- from the main exchange and the smaller Hanoi market - are FPT Corp, Petroleum Technical Services Corporation, Petrovietnam Drilling & Well, Petrovietnam Fertiliser & Chemicals and Petrovietnam Insurance.

"The index will provide international investors with access and tradable exposure to the Vietnamese equity markets," Senior Director Robin Lo of Standard & Poor's Index Services said in the statement.

"The S&P Vietnam 10 Index is designed to account for foreign investment restrictions and global investors' requirements of high liquidity and accessibility," he said.

Companies must have a float-adjusted market capitalisation above $50 million and a three-month average daily trading value above $250,000 to be included in the index, which is rebalanced quarterly to reflect current liquidity and foreign investment restrictions, S&P said.

The Ho Chi Minh Stock Exchange closed up 4.7 percent at 439.06 points on Friday, after rising along with other Asian markets in early trade of the day. The VN Index has so far this year lost more than half of its 23 percent gain in 2007.

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