Dollar, gold jump while stocks fall

As the State Bank of Vietnam’s decision to widen trading band of Vietnamese dong against the US dollar to +/- 2 percent from +/-1 percent, coming into effect on August 12, domestic currency, gold, and stock markets have experienced drastic fluctuations yesterday.
After buying and selling dollars at VND21,780 per dollar and VND21,840 per dollar respectively for a long time, several commercial banks have raised their selling prices to above VND22,000 per dollar.
Particularly, the Bank for Investment and Development of Vietnam (BIDV) and Sacombank bought dollars at VND22,000 per dollar, and sold at VND22,070 per dollar, an increase of VND210 and VND220 respectively. Vietcombank and Eximbank also lifted their dollar selling price to VND22,060 per dollar.
On bullion market, the price of gold rose by VND750,000 per tael (1.2 ounces) compared to previous day.
In Hanoi, Doji bought gold at VND33.15 million per tael and sold at VND33.25 million per tael. Meanwhile, Saigon Jewelry Company purchased gold at VND33.37 million and sold at VND33.72 million.
Vietnam’s stock market tumbled due to negative news relating to exchange rate and global oil price. Blue-chips and oil and gasoline shares devalued, dragging the Vietnam’s benchmark VN-Index down by nearly 9 points.
VN-Index closed at 604.24 points, losing 8.81 points, or 1.44 percent, with 155 stocks retreating, 64 advancing, and 89 stalling. The VN30-Index also plummeted 10.52 points to 632.9 points.
The HNX-Index of the northern bourse trimmed 1.09 points, or 1.3 percent, to 82.75 points. The HNX30-Index declined 2.95 points, or 1.84 percent, to finish at 157.22 points.
Total trading value in the market nearly reached VND2.6 trillion.

By Nhung Nguyen – Translated by Thuy Doan

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