Some securities services reduced prices

The State Securities Commission (SSC) on March 17 said that the Ministry of Finance had agreed to reduce some of the service fees in the securities sector.
At first, the SSC will adjust immediately four types of derivatives trading service fees at the Vietnam Securities Depository.

Mr. Tran Van Dung, Chairman of the SSC, said that solution packages on monetary and fiscal policies of the US and other countries are necessary. However, the fact that the US Federal Reserve slashed interest rates too sharply and declared a national emergency without following its regular meeting schedule has affected the sentiment of investors around the world, including Vietnam. Therefore, the global stock market in general and Vietnam’s stock market in particular in the next days will possibly experience upward and downward fluctuations interweaved at a fairly high rate.

Amid the current context, the SSC will continue to manage the stock market with the attitude of respecting the self-regulation following the supply-demand relationship, minimizing administrative and technical interventions to the market when it is not necessary.

When the country can control the disease, with the internal resources of the economy, there are still many foundations to expect the positive growth of the economy in general and the stock market in particular.

‘In the current context, the SSC hopes that enterprises, intermediary financial institutions, and investors will continue to trust the internal resources of the economy, measures of the Government and ministries, as well as the endurance of Vietnam’s stock market to help the market to regain the growth momentum, especially avoiding unnecessary sell-offs,’ said Mr. Tran Van Dung.

In related news, affected by a nosedive of the US stock market in the previous night, Vietnam’s stock market opened the trading session on March 17 with a decrease of 24 points despite strong bottom-fishing demand. Fortunately, the bottom-fishing cash flow into the market was large, helping the VN-Index to regain rapidly. Ending the morning trading session, the VN-Index merely shrank around 7 points. Although the selling pressure remained strong in the afternoon trading session, many stocks enjoyed robust bottom fishing demand, sending them from losing to reference price, or even increasing, helping the VN-Index sometime to not only recoup all the points it lost in the trading session, but also switch to slightly advance.

Ending the trading session, the VN-Index slipped 2.08 points, or 0.28 percent, to close at 745.78 points with 211 winners, 154 losers while 60 stocks remaining unchanged. Meanwhile, the HNX-Index of the smaller bourse in the North surged 1.1 points, or 1.1 percent, to close at 100.72 points with 81 stocks climbing, 68 declining, and 42 standing still. Market liquidity remained at a high level with the total trading volume reaching 340 million shares, worth more than VND4.9 trillion. Foreign investors still net sold nearly VND600 billion in the market.

The price of gold fell by nearly VND1 million per tael after the global gold price plunged by nearly US$100 an ounce. At 4.30 p.m. in Ho Chi Minh City, Saigon Jewelry Company listed the price of gold at VND45.1 million per tael for buying and VND46.02 million per tael for selling, down VND800,000 per tael in both buying and selling rates. At the same time in Hanoi, Bao Tin Minh Chau traded gold at VND45.4 million per tael for buying and VND46.1 million per tael for selling, up VND200,000 per tael in buying price and VND300,000 per tael in selling price.

In the global market, the bullion price recovered to above $1,495 an ounce but still lost around $50 an ounce compared to the previous trading session. After conversion, the global gold price was at VND42 million per tael, more than VND4 million per tael lower than the domestic one.

By Staff writers – Translated by Gia Bao

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