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Stocks down, gold up in price   2008-10-09 - VNA

Vietnam’s bourses were by no means an exception as the world’s financial markets continued on their downward trend, whilst local gold prices soared, with the USD remaining stable.

Global gold prices increased by 25 USD per ounce, following a 30 USD rise in the previous session.

The world’s financial markets suffered huge losses on Oct. 8, particularly in Asia, where major bourses tumbled by 4 percent. Japan’s Nikkei fell sharply by 9.4 percent to 9,203.32 points, the biggest loss in the last 20 years.

Taiwan’s indexes decreased by almost 6 percent, RoK’s between 5-9 percent, Australia’s by 5 percent, Thailand’s by 6-7 percent, and India’s fell by 6-7.3 percent. Indonesia’s financial market had to suspend trading for the first time since September 2002 after seeing prices tumble by over 10 percent.

Vietnam’s market was no exception and suffered losses for the fourth session in a row. The VN-Index plunged to 401.33 points on Oct. 8, while the HaSTC-Index closed at 127.53 points.

Gold meanwhile is a safe investment channel amid the chaos of the world’s financial markets. Global gold prices increased by 25 USD per ounce, following a 30 USD rise in the previous session.

Local prices went up by 210,000-450,000 VND (12.6-27 USD) per tael compared with Oct. 7’s closing price, and remained 200,000 VND (12 USD) higher than prices in the rest of the world.

Last week, the difference in price was only 60,000 VND (3.6 USD).

The Bao Tin Minh Chau Jewellery Co (BTMC) listed buying/selling prices at 17.84/18.05 million VND (1,074/1,087 USD) per tael.

The Vietnam Bank of Agriculture and Rural Development bought/sold at 17.85/18.15 million VND (1,075/1,093 USD) per tael.

The prices listed by the Sai Gon Jewellery Co (SJC) were 17.9/18.1 million VND (1,078/1,090 USD) per tael.

Meanwhile, the US dollar exchange rate remained stable at 16,440 VND at the State Bank and between 16,620-16,630 VND on the free market, a 10-20 VND rise over the previous day’s rate.

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