Gold surges to near VND51 million per tael, VN-Index loses nearly 11 points

The price of gold in Vietnam continued to increase strongly on July 20, approaching VND51 million per tael (1.2 ounces) although the global bullion price cooled down.
Saigon Jewelry Company bought gold at VND50.55 million per tael and sold at VND50.95 million per tael, up VND170,000 per tael in buying rate and VND150,000 per tael in selling rate compared to last weekend at 4.30 p.m in Ho Chi Minh City.

At the same time in Hanoi, Bao Tin Minh Chau Jewelry Company listed the price at VND50.64 million per tael for buying and VND50.85 million per tael for selling, an increase of VND160,000 per tael in both buying and selling rates.

In related news, Vietnam’s benchmark VN-Index plunged deeply in the first trading session of the week because of strong selling pressure. All 30 stocks in the basket of largest large-cap stocks declined, of which, many stocks dived steeply, namely VNM, VJC, VHM, VIC, MSN, BVH, and PLX. The losing trend spread to most of the other sectors in the markets, such as securities, banking, real estate, construction, gas and oil, and textiles, causing the market to lack support.

Ending the trading session, the VN-Index sank 10.62 points, or 1.22 percent, to close at 861.4 points with 112 winners and 282 losers.

The HNX-Index of the smaller bourse in the North dropped 1.09 points, or 0.93 percent, to close at 115.72 points.

The market liquidity exceeded VND5.55 trillion, up 5 percent over the previous trading session. Of which, foreign investors net sold nearly VND240 billion in the market.

By Nhung Nguyen – Translated by Thuy Doan

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