Banking, insurance shares buoy stock market

After declining for four consecutive trading sessions, Vietnam’s stock market rebounded on August 25, thanks to strengthening banking and insurance shares.
The Vietnam’s benchmark VN-Index recovered 3.05 points, or 0.58 percent, to close at 529.98 points. Among the index members, there were 118 winners, 117 losers while 75 stocks remained unchanged. Trading volume nearly touched 177.7 million shares, worth more than VND2.79 trillion.
The VN30-Index revived 2.08 points, or 0.37 percent, to 561 points with trading volume totaling more than 75.5 million shares worth VND1.64 trillion.
The HNX-Index of the smaller bourse in the north recouped 0.93 points, or 1.27 percent, to close at 74.02 points with 112 shares climbing, 94 falling and 161 stalling. Trading volume on the northern trading floor exceeded 53.4 million shares, worth VND497.7 billion.
The HNX30-Index increased 2.48 points, or 1.84 percent, to 137.09 points. Trading volume was at above 28.4 million shares, worth VND279.3 billion.
Meanwhile, most commercial joint stock banks still kept the US dollar exchange rate at the highest allowed level.
Vietcombank pinned its US dollar selling rate at VND22,547 per dollar but raised its buying rate by VND10 per dollar to VND22,510 per dollar.
BIDV lowered its US dollar buying price by VND10 to VND22,500 per dollar but continued to keep its selling price at VND22,547 per dollar.
Meanwhile, Vietinbank cut its US dollar buying and selling rates by VND15 and VND7 respectively to VND22,495 and VND22,540 per dollar.
Eximbank and ACB still fixed their exchange rates at VND22,540 and VND22,527 respectively for buying and VND 22,547 for selling.
In related news, the price of gold in Vietnam cooled down after escalating for several days.
In Ho Chi Minh City, the Saigon Jewelry Company bought gold at VND34.6 million per tael and sold at VND35.15 million per tael, a decrease of VND100,000 and VND150,000 respectively.
In Hanoi, the Doji Gems and Gold Group purchased SJC’s gold at VND34.75 million and sold at VND34.97 million, a decline of VND280,000 and VND260,000 per tael respectively.
Global bullion price was VND3.8 million per tael lower than domestic one.

By Nhung Nguyen – Translated by Thuy Doan

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