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VN-Index reverses course as dollar and gold prices stabilize
A large number of shares changed hands in both Ho Chi Minh City and Ha Noi Monday. Gold and dollar prices remained unchanged.
The VN-Index reversed course by climbing up 2.93 points to close at 368.95. Order matching was responsible for 9.8 million trades worth VND237 billion (US$14.3 million). With 2.7 million shares changing hands, Sacombank (STB) had the highest volume of order matching. Some 770,000 shares of Saigon Securities (SSI) were traded. Out of 155 listed stocks, more than 50 gained.
However, Monday’s session witnessed a drop in the number of shares traded by foreign investors. Only 811,000 shares and treasury certificates were bought, only one-fifth as much as the previous week. Foreign investors sold 730 units.
Ha Noi’s Hastc-Index rose by 0.08 points to close at 110.48 points. The total volume of transactions surged to 7.16 million units worth VND160 billion (US$9.6 million).
Gold was unchanged with a tael of SJC gold selling for VND18.75 million and being bought at VND18.68 million.
The world gold price remained unchanged at US$906 an ounce.
The price of a dollar at jewelry stores in HCMC hovered around VND18,000, the same as during the previous week.
Analysts credited the upward movement of the stock markets to positive news issued by the government. At the end of last week, the government announced that it had foreign currency reserves of over US$20.7 billion. The estimated inflow of foreign direct investment in the first six months of the year exceeds US$31 billion.
They also pointed out the government’s confirmation that it will not devaluate the dong has caused a drop in gold and dollar prices on the informal market. This policy has encouraged investors to invest in stocks again.
VNN
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