Gold Price Falls While Stock Markets Rallies

The prices of gold and dollars climbed Wednesday. Ho Chi Minh City’s VN-Index fell 2.55 points while Ha Noi’s HASTC climbed by 0.78 points.

In the afternoon, the selling price of a tael of SJC gold closed at VND18.41 million (US$1,100), an increase of VND90,000 compared with the opening price and a decrease of VND20,000 compared to the previous day.

Analysts credited the fluctuation to a sudden increase in the world gold price Wednesday. After dropping to US$870 per ounce, the lowest price in the last five weeks, the world gold price climbed by US$5 to close at US$875.

Due to a surge in the dollar and a 0.5 percent increase in import duties on gold, many gold importers have halted their purchase of gold since the beginning of this month.

The dollar gained VND150 to close at VND17,950 for the selling price and VND17,700 for the selling price.

The VN-Index witnessed a slight fall of 2.55 points to close at 370. At the end of the trading day, 79 stocks gained, 68 lost and eight remained unchanged.

The total volume of transactions reached 12.8 million units worth VND445 billion (US$27 million). Order matching was responsible for nearly 90 percent of all transactions, or 11.2 million of units valued at VND296 billion (US$18 million).

The volume of transactions made by foreign investors increased by 20 percent. The volume of sell orders was reportedly to equal to volume of buy orders.

The HASTC-Index rose by 0.78 points to close at 108. The total volume of transactions reached 9.4 million units worth VND407 billion (US$24 million). There were 6 million shares worth VND123 billion (US$7.4 million) and 3.5 million bonds valued at VND283 billion (US$17 million) bonds. 

By Staff writers – Translated by Phuong Lan

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