Vietnam Business & Weather Briefing (May 8): Gold Price Remains Stable, Heat Wave Expected to End

Photo: QDND

Business Briefing

Gold rate

Vietnam's gold price: SJC's 9999 gold price in Hanoi remains unchanged compared to the end of yesterday's session. At 9:12 am on May 7, 9999 gold was traded by Doji and SJC Jewelry Groups as follows:

International gold price: Gold prices continued to decline for the third consecutive week as prospects of aggressive rate hikes from the US Federal Reserve put the bullion on course. According to commodity market experts, the yellow metal has been under pressure as Dollar Index has sustained its 20-year high levels.

The Fed on Wednesday raised its benchmark rate by half a percentage point, the most in 22 years. The Bank of England also raised interest rates on Thursday to their highest since 2009, hiking by a quarter of a percentage point to 1%. Gold tends to fall out of favor among investors when interest rates rise, according to Business Today.

Photo: VNA

Reference Exchange Rate

USD/VND: On the weekend (May 7), the exchange rate was set by the State Bank at VND 23,130 per USD, up VND 2 compared to the first session after the National Reunification holiday (April 30 - May 1).

Surveys conducted at six domestic commercial banks show that the USD exchange rate, in both buying and selling, decreased slightly, only Eximbank kept the rate stable. Eximbank is currently holding the highest buying price at VND 22,850 /USD, while its selling price, VND 23,050 per USD, is at the lowest level compared to other banks.

EUR/VND: Among the banks surveyed, Eximbank had the highest purchase price for euros at VND 23,908 per EUR. The bank also has the lowest selling price of VND 24,420 per EUR, an increase of 24 VND compared to last week.

Photo: Hanoi Times

Stock market news: Negative influences from the US stock market cause VN-Index to fall nearly 32 points

After the recovery session on the previous day, Vietnam’s stock market was bearish in the trading session on May 6 because investors’ sentiment was heavily affected by negative fluctuations from the US stock market. From the beginning of the trading session, many groups of stocks were flooded in red with the selling pressure overwhelming throughout the market, causing the VN-Index to sometimes drop by more than 32 points.

Not only speculative stocks in the FLC and Louis ecosystems, such as FLC, ROS, SMT, APG, TVB, and LDP, hit the floor prices, but securities, banking, and oil and gas stocks also quickly plunged at the end of the trading session. Many securities stocks, namely VCI, SSI, HCM, and VND, were dragged down to the floor prices.

While the whole market plummeted simultaneously, steel stocks and a few other stocks still managed to maintain in green, including HPG, HSG, REE, VHC, VSH, ANV, NLG, and GMD. However, these winning stocks failed to prevent the index from falling deeply.

At the end of the trading session, the VN-Index lost 31.42 points, or 2.31 percent, to close at 1,329.26 points, with 59 gainers, 394 losers, and 29 unchanged stocks.

Closing the trading session on the Hanoi Stock Exchange, the HNX-Index slumped 15.29 points, or 4.26 percent, to finish at 343.46 points, with 38 winners, 195 losers, and 34 unchanged stocks. Although the market liquidity surged by 2 percent compared to the previous trading session, it was still at an extremely low level. The total matching value was more than VND16.72 trillion (US$729.68 million). Foreign investors net sold about VND60 billion ($2.61 million) on the Ho Chi Minh City Stock Exchange, according to Vietnamnet.

Photo: Hanoi Times

Real estate news: New real estate firms up sharply in Q1

The number of newly-established real estate companies surged 47.2 percent in the first quarter of 2022 on the back of the reviving property market after the Covid-19 outbreaks, according to the Ministry of Planning and Investment. Firms resuming operation totaled 845 during the period, up 92 percent year-on-year.

Provided with post-Covid-19 growth momentum, these companies are accelerating the progress of projects and expanding land banks to quickly revitalize in the early months of the year, a source from the Ministry of Construction said. The property market has come back to life after months of stagnancy caused by Covid-19, with an increasing number of home searchers and transactions.

Statistics from the Ministry of Construction show that about 800 real estate exchanges have reactivated their services, doubling the previous quarter’s figure. The exchanges have applied high technology in managing information, transaction, payment, sales, and marketing.

Photo: Baoquocte

Weather forecast

May 9: The Northwest region is sunny, while thunderstorms can happen in the evening and night. There is a possibility of tornadoes, lightning, and strong winds. The highest temperature can reach 36-39 Celcius degrees or over 39 at some places.

During the day, Hanoi's weather continues to be sunny, with the highest temperature at 36 Celcius degrees. There is a chance of thunderstorms in the afternoon and evening.

From Thanh Hoa to Phu Yen provinces, the hot sun leads to the highest temperature of 36-39 Celcius degrees, the North Central and Central regions enjoy the temperature of 40-39 Celcius degrees.

May 11-12: The widespread heat will end in the northern provinces and gradually ease in the central provinces. Thunderstorms spread to the North Central and Central provinces. There is a possibility of tornadoes, lightning, and strong winds.

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