Dollar rebounds while gold, stock decline

The US dollar exchange rate edged up again on August 31, of which that of state-owned banks rose by VND10-20 per dollar compared to the previous week.
Particularly, BIDV kept selling price at VND22,500 per dollar but raised buying price by VND20 per dollar to VND22,440 per dollar. Vietcombank’s US dollar exchange rate surged by VND15 per dollar to VND22,445 for buying and VND22,505 for selling. Vietinbank lifted its rate by VND10 per dollar to VND22,440 and VND22,510 for buying and selling respectively.

Meanwhile, joint stock commercial banks increased their exchange rate by up to VND30 per dollar. For instance, ACB and Eximbank bought dollars at VND22,450 per dollar and sold at VD22,510 per dollar.

However, the US dollar exchange rate dropped drastically on free market in Ho Chi Minh City. Dollars were bought at VND22,570 per dollar and sold at VND22,650 per dollar, a decrease of VND40-50 per dollar.

After rebounding for four consecutive trading sessions, the Vietnam’s stock market closed in low note on August 31 as investors sold shares heavily to take profits.

The Vietnam’s benchmark VN-Index lost 6.12 points, or 1.07 percent, to close at 564.75 points with 80 winners, 139 losers and 91 stocks remained unmoved. Trading volume nearly touched 128 million shares worth more than VND2.24 trillion.

The VN30-Index shrank 11.58 points, or 1.94 percent, to 586.23 points. Trading volume reached 57.6 million shares worth VND1.04 trillion.
The HNX-Index plummeted 1.37 points, or 1.75 points, to 76.9 points. Of the index members, there were 74 stocks climbing, 121 falling, and 172 stalling. Trading volume was at 44 million shares worth VND463 billion.

The HNX30-Index collapsed 3.38 points, or 2.3 percent, to 143.8 points. Trading volume hit 17 million shares worth VND208 billion.

The price of gold in Vietnam went down VND150,000 per tael compared to last weekend.

Saigon Jewelry Company purchased gold at VND34 million and sold at VND34.4 million, down VND50,000 per tael in buying price and VND150,000 per tael in selling price.

In Hanoi, Doji Gems and Gold Group bought SJC’s gold at VND34.2 million and sold at VND34.3 million, down VND50,000 per tael in buying rate and VND130,000 per tael in selling rate.
Global gold price was about VND3.6 million per tael lower than domestic one.

By Nhung Nguyen – Translated by Thuy Doan

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