Stocks continue to move contrariwise with gold, dollar

Vietnam’s stock market plummeted on August 13 as investors continued to dump shares heavily because of negative news on global financial market.

The Vietnam’s benchmark VN-Index collapsed 9.98 points, or 1.65 percent, to close at 595.26 points. Among the index’s members, there were 44 winners, 186 losers, and 78 stocks remained unchanged. The VN30-Index, which tracks the city’s top 30 shares by market value and liquidity, fell 10.07 points to 622.83 points.
The HNX-Index of the smaller bourse in the north slid 1.31 points to finish at 81.43 points with 145 stocks losing, 47 gaining, and 175 treading water. The HNX30-Index dropped 3 points to 154.36 points.
The market’s total trading value was at nearly VND2.8 trillion.
Although global bullion price declined, the price of gold in Vietnam still went up by nearly VND1.1 million per tael (1.2 ounces), approaching VND35 million. Thus, domestic gold price was about VND5 million per tael higher than global one.
In Hanoi, Doji bought SJC gold at VND33.95 million and sold at VND34.55 million per tael. Meanwhile, in Ho Chi Minh City, Saigon Jewelry Company purchased gold at VND34.1 million and sold at VND34.8 million per tael, an increase of VND730,000 per tael and VND1.08 million per tael respectively over the previous day.
On the same day, commercial banks continued to raise their US dollar exchange rate, of which Asia Commercial Bank used up allowed trading band, increasing its dollar selling price to VND22,106 per dollar.
Most banks sold dollars at VND22,105 per dollar. However, their buying prices were different. For instance, Eximbank bought dollars at VND22,050 per dollar, Sacombank at VND22,040 per dollar, Vietcombank at 22,035 per dollar, and Vietinbank at VND22,080 per dollar.
On the free currency market in HCMC, dollars were traded at around VND22,150-22,160 per dollar.

By Nhung Nguyen – Translated by Thuy Doan

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