Stocks up, gold down

SGGP
The Vietnam’s stock market extended winning streak to a third consecutive trading session on August 30 whereas the price of gold in Vietnam slid by VND300,000 per tael (1.2 ounces) as global bullion price cooled down.
Large-cap stocks, especially financial and banking stocks, including EVS, CTS, HCM, IVS, VIX, SSI, BID, NVB, VCB and TPB, all soared by from 1.7 percent to 3.7 percent. In addition, several other blue-chip stocks, such as VHM, MWG, VCS and VRE also rallied, helping the VN-Index to climb by nearly 6 points. Moreover, foreign investors net bought VND52.4 billion also helped to boost sentiment on the market.

The VN-Index gained 5.47 points, or 0.56 percent, to close at 984.06 points with 189 winners, 131 losers while 52 stocks remained unchanged.

The HNX-Index of the northern bourse edged up 0.38 points, or 0.37 percent, to finish at 102.32 points with 94 stocks advancing, 51 declining and 49 standing still.

Market liquidity was maintained at low level with total trading volume at nearly 168 million shares, worth VND3.5 trillion.

Global gold price continuously dropped due to positive information about the trade negotiations between the US and China, sending the price of gold in Vietnam to below VND42.7 million per tael.

In Ho Chi Minh City, Saigon Jewelry Company bought gold at VND42.3 million per tael and sold at VND42.65 million per tael, down VND300,000 per tael in both buying and selling rates compared to the previous day.

At the same time in Hanoi, Doji Gold and Gems Group purchased the heavy metal at VND42.29 million per tael and sold at VND42.68 million per tael, up VND50,000 per tael in buying rate but down VND300,000 per tael in selling rate. This month, the precious metal has escalated by nearly VND3 million per tael. Sometime, the price of gold hit VND43.2 million per tael, the highest level in the past seven years.

On August 29, global gold price fell by US$11.6 an ounce to close at $1,528.1 an ounce in New York. In Asian market, the yellow metal shrank $2.4 an ounce to $1,525.7 an ounce at 10 a.m. Vietnamese time on August 30. This price level was equal to domestic gold price after conversion. Since the beginning of this month, global bullion price has rallied nearly 8 percent as the trade war between the US and China escalated.

By Nhung Nguyen – Translated by Thuy Doan

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