VN-Index slumps on large divergence, gold soars

10:52 | 03/12/2020
Shares dropped unexpectedly in Wednesday’s morning session after trading above the reference threshold for most of the trading time.
vn index slumps on large divergence gold soars
Gold trading in a shop in Ha Noi. Gold prices kept rising this morning with retail prices inching up nearly VND55 million (US$2,371) per tael on Wednesday morning. - VNA/VNS Photo Tran Viet

The VN-Index on the Ho Chi Minh Stock Exchange inched down 0.03 per cent to 1,008.58 points.

The market breadth was negative with the number of declining stocks outnumbering the gaining ones by 232-179. Another 109 closed unchanged.

Among the top 30 largest shares by market value and liquidity, losers also outnumbered the gainers by 18-12.

Divergence happened in each industry.

In the banking sector which often leads the market, Vietcombank (VCB), Military Bank (MBB), Techcombank (TCB) and Eximbank (EIB) increased while BIDV (BID), Vietinbank (CTG), VPBank (VPB) and Sacombank (STB) fell.

In the energy sector, PV Gas (GAS), Petrolimex (PLX) decreased by less than 1 per cent but PVPower (POW) climbed 3.5 per cent.

On the Ha Noi Stock Exchange, the HNX-Index increased 0.71 per cent to close the morning trade at 149.99 points.

Liquidity remained positive with a total of nearly 502 million shares worth VND10 trillion (more than US$430 million) being traded in the two markets.

The afternoon trade starts at 1pm.

Gold climbs

Gold prices kept rising this morning with retail prices inching up nearly VND55 million ($2,371) per tael. (A tael is equivalent to 1.2 ounces.)

Saigon Jewelry Co listed their buying/selling prices of SJC gold at VND54.10 million and VND54.77 million per tael, respectively, up VND550,000 per tael against Tuesday’s closing prices.

SJC gold brand at Bao Tin Minh Chau Jewelry and DOJI also increased by more than VND500,000 per tael, reaching around VND54.1 million per tael for buying and VND54.7 million for selling.

VNS

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