Stocks fall, gold climbs

SGGP
Unable to escape the downward trend of the global stock market, Vietnam’s stock market dropped sharply on January 30, the first trading session after the lunar New Year.

Right after opening, Vietnam’s benchmark VN-Index fell more than 16 points as several blue-chip stocks and aviation stocks were dumping heavily. In the afternoon trading session, the VN-Index continued to lose nearly 32 points as large-cap stocks tumbled. Of which, MSN and SAB both slumped 6.2 percent; BVH sank 5.8 percent; TCB declined 5.4 percent; MBB and VRE both shrank 5.1 percent; BID dived 5 percent; VCB slashed 4.8 percent.

Besides, HCM, HVN, and HBC were also dragged down. Foreign investors net sold nearly VND200 billion on the market, concentrating on blue-chips, such as VNM, MSN, VJC, and VCB.

Ending the trading session, the VN-Index collapsed 31.88 points, or 3.22 percent, to close at 959.58 points with 80 winners, 274 losers and 44 stocks remaining unchanged.

In Hanoi, the HNX-Index erased 2.17 points, or 2.04 percent, to close at 104.11 points with 51 stocks increasing, 86 declining and 37 standing still.

Market liquidity was high with total trading volume at 229 million shares, worth VND5 trillion. Market capitalization on the market lost about US$5 billion. Of which, two aviation stocks, comprising of HVN stock of the national flag carrier Vietnam Airlines, which hit bottom, devaluing nearly VND3.2 trillion, and VJC stock of Vietjet Air, which trimmed 4.4 percent, losing nearly VND3.5 trillion.

On the same day, the price of gold in Vietnam continued to rally by nearly VND1 million per tael (1.2 ounces) compared to before the lunar New Year.

Saigon Jewelry Company bought gold at VND44.2 million per tael and sold at VND44.62 million per tael, an increase of VND900,000 per tael in buying rate and VND850,000 per tael in selling rate, at 5 p.m.

At the same time in Hanoi, Phu Quy Group purchased gold at VND44.2 million per tael and sold at VND44.55 million per tael, an increase of VND750,000 per tael in buying price and VND800,000 per tael in selling price. Gold traders said that the precious metal soared as global bullion price escalated due to concerns the current outbreak of novel coronavirus.

Particularly, after slightly cooling down in the previous trading session, the global gold price jumped $9 an ounce to $1,579 an ounce. Experts said that the world gold price fluctuated strongly at the time when the Asian market returned to trading after the lunar New Year holidays, pushing up the gold price in this market. The spread of novel coronavirus to many countries has also raised concerns about negative impacts on the global economy, making gold a haven for many people.

By Nhung Nguyen – Translated by Thanh Nha

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