Stock market warms up late last week

The market warmed up in the last trading session of this week, however, the VN Index just saw a slight increase of 1.79 points as the prices of several blue chips, including Vietcombank (VCB).

The VN Index closed yesterday’s session at 520.72 points, advancing 0.34 percent after five straight days of declines.

However, trading activities seemed to ease off with only 45.2 million shares changing hands, 24.03 per cent lower than Thursday's session, at a value of VND1.6 trillion (US$84.2 million).

Penny stocks such as Cuu Long Fish Joint Stock Company (ACL), Ba Ria Thermal Power Joint Stock Company (BTP), Dien Quang Joint Stock Company (DQC) increased after sharply decreasing during the week.

Meanwhile, the HNX-Index for the Hanoi market continued falling for another day, but only by an insignificant 0.26 per cent, leaving the index to reserve Thursday's standings at 172.71 points.

Trading activities were a bit higher than Thursday with 44.4 million shares traded to generate a turnover of VND1.5 trillion ($78.9 million).

PetroVietnam Construction (PVX) continued an impressive show with 10.3 million shares changing hands in the day's trades.

According to stock market companies, the state bank official rejected information about devaluation of VND, so it made the stock market regain footing despite NYSE and NASDAQ index lost 100 points.

World’s price of gold has set a new record, making the domestic gold prices increase sharply to VND28.2 million per tael (1.2 ounce), the highest level since December last year.

The world gold price was listed at US$1,237 per ounce on May 14.

According to a representative of Saigon Jewelry Holding Company (SJC), domestic gold price still is lower than world gold price VND300,000 per tael, not including tax.

Bloomberg’s economic experts forecasted that global gold price will continue increasing to $1,400 per ounce and hit $1,500 per ounce this year.

Contrary to gold price, the exchange rate US$ on the free market has decreased to VND19,020 – 19,080, an decrease of VND70 per US$ compare to previous day.

By staff writers-Translated by Tan An

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