Business

Gold regains, stocks plummet heavily

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The price of gold in Vietnam recouped the VND41 million per tael mark on October 2 as global recovered after declining for several trading sessions due to a weakening US dollar.

Gold regains, stocks plummet heavily

Saigon Jewelry Company bought gold at VND41.2 million per tael and sold at VND41.55 million per tael at 4 p.m. in Ho Chi Minh City, an increase of VND300,000 per tael compared to the previous day.

At the same time in Hanoi, Doji purchased SJC gold at VND41.3 million per tael and sold at VND41.6 million per tael, up VND400,000 per tael in buying rate and VND150,000 per tael in selling rate.

On global market, the precious metal rallied US$7.1 an ounce to reached $1,479.6 an ounce in New York. Global gold price rocketed after the US stock market plummeted and the US dollar weakened after hitting a two-year high. Global bullion price was VND200,000-VND400,000 per tael higher than domestic one.

The Vietnam’s benchmark VN-Index in the trading session on October 2 sometime surpassed 1,000 points but dropped heavily later under selling pressure of investors, especially large-cap and blue-chip stocks, including REE, GAS, PVD, FPT, VRE, MWG and VCB. Of which, REE fell by 2.9 percent; GAS sank 2.5 percent; and MSN lost 2.3 percent.

Noticeably, foreign investors net sold around VND300 billion  in the trading session, causing great pressure on indices. Ending the trading session, the VN-Index dived 8.4 points, or 0.84 percent, to close at 991.19 points with 95 winners, 220 losers while 51 stocks remained unchanged. The HNX-Index of the northern bourse also slid 0.58 points, or 0.55 percent, to close at 105.27 points with 55 stocks increasing, 86 decreasing and 48 breaking even.

Market liquidity remained at average level with total trading volume reaching 201 million shares, worth VND4.6 trillion.

According to the General Statistics Office, in the first nine months of this year, the Vietnam’s stock market recorded capital flow of VND203.5 trillion, up 2 percent over the same period last year. By September 24, market capitalization reached VND4.5 quadrillion, an increase of 13.7 percent compared to that at the end of last year. Average trading value since the beginning of this year was at VND4.57 trillion per trading session, down 30 percent in comparison with average trading value in 2018.

On bond market, there were 511 bonds listed with total value of VND1.14 quadrillion, up 2 percent compared to the end of last year. On the derivative market, average trading volume since the beginning of this year hit 97,271 contracts per trading session, up 23 percent over the average trading volume in 2018.

By Nhung Nguyen – Translated by Thuy Doan

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