The Vietnamese stock market opened the spring opening session on February 7 after the 2022 Lunar New Year holiday took place very positively with green color spreading throughout the market, with up to 110 stocks hitting the ceiling.
At one point, the VN-Index surpassed the threshold of 1,500 points; however, large-cap stocks such as banking stocks VPB, BID, CTG turned down, especially VIC (Vingroup) shares fell nearly 6 percent, down to VND91,200 a share after the group reported a loss of more than VND7,500 billion in 2021, slowing down the market's overall gain so the VN-Index could not surpass 1,500 points at the close.
At the end of the session, VN-Index gained 18.7 points (1.26 percent), to 1,497.66 points with 382 gainers, 91 losers, and 32 unchanged. Closing the session on HNX, HNX-Index gained 2.6 points (0.62 percent), to 419.33 points with 197 gainers, 48 losers, and 28 unchanged stocks.
Gold prices in Vietnam are much higher than international prices, driven by a supply-demand imbalance. A tael (37.5g) of gold in Vietnam is about US$603 more than in the rest of the world.
SJC gold in the trading session on February 7 increased by more than VND1 million per tael compared to the time before the Lunar New Year, pulling the price of SJC gold to a record high of VND63.5 million a tael. The Saigon Gold and Jewelry Company in Ho Chi Minh City rated each tael of SJC gold at VND62.85 million and VN63.5 million for sell-buy at about 5 PM yesterday.
At the same time in Hanoi, Doji Group quoted the price of SJC gold at VND62.65 million per tael and VND63.4 million a tael for sell-buy, an increase of VND550,000 a tael for buying and VND400,000 a tael for selling.
On the international market, spot gold on the Kitco floor on February 7 (Vietnam time) increased by US$3.5 per ounce compared to the previous session, to $1,811.9 an ounce. This price after conversion is equivalent to VND49.9 million a tael, about VND13.6 million tael lower than domestically-made SJC gold. Gold businesses said that not only SJC gold increased but the price of gold rings also increased due to the high demand to buy gold for luck on the day of God of Fortune (January 10).
