Stocks recover, gold declines

Along with the recovery of many Asian stock markets, Vietnam’s stock market also rebounded fairly well on March 13 although foreign investors continued to net sell heavily, worth more than VND700 billion on the whole market.
Vietnam’s stock market recovered strongly thanks to bottom-fishing demand which strengthened after the VN-Index lost nearly 150 points in just a few previous trading sessions and in the morning trading session on March 13. The VN-Index slightly slid 7.5 points, or 0.97 percent, to close at 761.78 points. The HNX-Index finished at 101.38 points. Market liquidity increased sharply with the total trading value at more than VND7 trillion.

Saigon Jewelry Company bought gold at VND46.45 million per tael and sold at VND47.17 million per tael at 4 p.m., an increase of VND500,000 per tael compared to that in the morning but a decrease of VND500,000 per tael compared to the previous day. The price of gold in Vietnam dropped heavily in the morning on March 13 due to the developments of the global bullion price. In New York, the precious metal plunged by nearly US$60 an ounce to $1,575 an ounce. Spot gold on the Kitco trading floor also sank $57 an ounce to close at $1,577.6 an ounce.

With this price level, after conversion, the global gold price was lower than the domestic one by around VND2 million per tael. Experts explained that the global gold price plummeted as the US Federal Reserve had injected about $1.5 trillion of fresh liquidity into the financial market in an effort to improve liquidity.

By Nhung Nguyen – Translated by Bao Nghi

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