Gold, global worries drag on shares

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VietNam News English - 41 month(s) ago 1 readings

The Vietnamese stock exchange yesterday was unable to resist global trends, with the VN-Index plunging by 2.2 per cent from the previous day to close at 387.70 and most listed shares on the HCM City Stock Exchange shedding value.

HA NOI —

The value of trades climbed 43.6 per cent over Monday's level, however, to VND664.5 billion (US$32.3 million), while market volume jumped 67.6 per cent to 41.4 million shares.

Foreign investors were net buyers on both bourses yesterday by a combined net of VND87.7 billion ($4.3 million). As Dragon Capital fund announced its intention to sell its entire stake in Sacombank (STB), foreign investors yesterday bought up a total of nearly 5.4 million STB shares, worth over VND81 billion ($3.9 million).

"Sacombank also contributed about 30 per cent of market value, making it the most heavily traded code on the exchange with nearly 8.5 million shares traded," said StoxPlus Financial Media Co analyst Dang Anh. "Up to 70 per cent of transactions were due to sellers actively matching orders."

The Vietnamese stock market had already been experiencing a gloomy period, and now it was feeling the impact from global markets and the spike in gold prices, Anh noted.

Domestic gold prices earlier yesterday soared to VND46 million ($2,200) per tael. To cool down the market, the central bank quickly announced that it would allow imports of gold bullion, and gold price eased down by about VND1.4 million ($68) per tael by the afternoon.

On the Ha Noi Stock Exchange yesterday, the HNX-Index plunged by 2.5 per cent to close at 65.63 points, with losers outnumbering gainers by 265-25.

The value of trades surged by 68.7 per cent, however, reaching VND385.8 billion ($18.7 million) on a volume of 36.5 million shares.

Kim Long Securities Co (KLS) was the most-active share, with about 4.5 million changing hands, although PetroVietnam Construction Co (PVX) followed, with a volume of 3.5 million shares. — VNS

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