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Both bourses see continued drop
No big surprises came up on Aug. 5, as both Hanoi and Ho Chi Minh City bourses continued to drop with sales far exceeding purchases right from the beginning of the day.
The VN-Index slid another 9.15 points or 2.08 percent to close at 430.26. Transactions were modest with around 10 million shares changing hands for a turnover of 405.84 billion VND (24.6 million USD).
The HCM Stock Exchange witnessed 27 winners and 121 losers on Aug. 5. Hoa Phat Group (HPG), Phu My Fertiliser (DPM) and PetroVietnam Drilling and Well Services (PVD), which were the most active shares of last week, continued to hit the floor.
Meanwhile, foreign investors were active on Aug. 5, buying 2.24 million shares and fund certificates, and selling more than 900,000 units.
On the northern market, the HASTC-Index slipped 2.97 points or 2.18 percent to end at 133.53. Trading volume remained low at 4.1 million shares for a total value of 142.8 billion VND (8.65 million USD).
Gold prices on Aug. 5 continued to fall following global market moves.
In Hanoi , gold at Sai Gon Jewellery Company (SJC) closed at 1.818 million VND per tael (a tael is equivalent to 1.2 ounces) while it closed at 1.825 million per tael at Bao Tin Minh Chau Co.
The prices fell by around 45,000 VND (2.7 USD) per tael compared with Monday’s figures.
In HCM City , SJC’s gold price closed at 1.817 million VND, a fall of 48,000 VND.
SJC said in an assessment early this week that domestic gold purchasing power was weak despite gold prices falling sharply. It said many investors had shifted to invest in the stock market and some were expecting prices to decline even further.
“Experts said the US second quarter gross domestic product (GDP) growth rate was lower than forecast, but significantly increased compared with the first quarter, so it’s unlikely that the US dollar will get weaker,” the jewellery company said. “There’s little chance that gold prices will increase strongly again.”
The US GDP expanded 1.9 percent in the second quarter, while first quarter GDP growth was revised to 0.9 percent.
Oil prices reached a low on Aug. 5, helping lift the dollar to a seven-week high against a basket of major currencies, according Reuters.
VNA
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