Business

Gold rush fails to rattle shares

Shares rose steadily on Aug. 22 morning with over two-thirds of codes posting gains on the nation's stock exchanges, even as domestic gold prices continued to heat up in Hanoi to around 48 million VND per tael (2,286 USD).
Shares rose steadily on Aug. 22 morning with over two-thirds of codesposting gains on the nation's stock exchanges, even as domestic goldprices continued to heat up in Hanoi to around 48 million VND per tael(2,286 USD).

Global gold prices stood at around 1,890 USD per ounce. (One tael is equivalent to 1.2 ounces.)

Thriving sessions on both stock exchanges took market insiders bysurprise on Aug. 22, since trading in stocks was generally been sluggishduring periods of gold fever.

However, relatively lowinflation figures were reported on Aug. 22 for the nation's major citiesduring August. Consumer prices posted a one-month rise of 1.06 percentin Hanoi and 0.68 percent in HCM City, stoking investor hopes that thenational inflation rate for August will come in at under 1 percentcompared to the prior month.

On the HCM Stock Exchange onAug. 22, the VN-Index gained 1.3 percent over Friday's close to end onAug. 22's session at 406.03 points. The value of trades increasedslightly to 474 billion VND (22.8 million USD), with about 31.2 millionshares changing hands.

Blue chips, including PetroVietnamFinance (PVF), Refrigeration & Electrical Engineering (REE), KinhBac City Development (KBC) and Saigon Securities Inc (SSI) , hit theirceiling prices.

Food producer Masan Group (MSN), one ofthe 10 leading shares by capitalisation, ran against the trend, plungingby 1 percent to 100,000 VND (4.80 USD) a share.

On theHanoi Stock Exchange, the HNX-Index posted a more substantial gain of3.54 percent to finish at 69.92 points, while a whopping 133 out of 248rising codes hit their ceiling prices. However, market value fellslightly from Aug. 19 to about 363.5 billion VND (17.5 million USD) on avolume of 34 million shares./.
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