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After a period of galloping price increases, investors sold gold en masse for a profit, causing gold prices to fall. Meanwhile, the stock market gradually stabilized, the VN-Index again exceeded 900 points, the same as before the Covid-19 broke out.
Gold tumbled as investors took profits
From the beginning of September until now, the gold market has continuously collapsed. During many sessions, the world price of gold fell to $ 35-40 / ounce. From nearly $ 2,100 / ounce in early August 2020, on September 30, the global price of gold was just $ 1,880 / ounce. So far, the world price of gold has increased by approximately 40% in value compared to the end of 2019.
Gold fell in a series of falling days, stocks gradually rallied. Illustration
National gold prices fluctuate in accordance with world gold prices. At the highest point, the price of gold reached 62 million dong / tael. After a crazy price increase, on September 30, the price of gold returned to 55.2 – 55.6 million dong / tael (buy for sale). At the peak, on September 26, the price of gold fell to 1.2 million dong / tael.
The Covid-19 epidemic is the main cause of the increase in gold prices in 2020. The outbreak, which spans 215 countries and territories, infects almost 19 million people and more than half a million deaths and will continue to generate images direct and strong long-term negative effects on entire economies. Right now, investors see gold as a safe-haven asset, causing gold prices to soar to a record high.
Measures to combat the Covid-19 epidemic, such as a series of financial support packages of up to trillions of dollars and the reduction of monetary interest rates, have helped to increase the resilience of the economy, increasing the confidence of society in the development. expect investment opportunities and maintain economic growth.
Additionally, some countries announced the discovery of a vaccine, which made gold lose its appeal. With the positive news in the economy, investors sold gold in droves to make a profit. This causes gold prices to plummet.
According to the General Bureau of Statistics, the national price of gold fluctuates in accordance with the world price of gold. Gold prices fell as investors sold for a profit after a period of sharp increases in the price of gold, the US economy recovered better than expected after being affected by the Covid-19 epidemic and the dollar index increase. against the main currencies of the world market. On average, the world gold price as of September 28, 2020 decreased by 2.55% compared to August 2020. Nationally, the gold price index in September 2020 decreased by 0.33% compared to the last month.
Recovery of values
After a sharp drop when the second Covid-19 infection broke out, the Vietnamese stock market (stock market) began a series of recovery days with a broad uptrend in many stocks. The epidemic was soon brought under control and domestic investors gradually became accustomed to the possibility that the disease could last for a long time, so market sentiment remained fairly stable. From the short-term low of 7/27 to 9/25, the VN-Index increased 16.2% to 912.5 points. Along with that, the VN30 increased 17.6% to 858.3 points.
To achieve this increase, the greater contribution of pillar stocks such as VNM contributed almost 9.3 points to the market, VIC contributed 6.6 points, VCB contributed 4.9 points. On the other hand, inventories decreased significantly, and VIS’s more negative contribution also decreased by 0.05 points.
According to Nguyen Thi Huong, General Director of Statistics, in the stock market, on the morning of September 24, 2020, the VN-Index reached 912.5 points, 3.5% more than at the end of the previous month and decreased by 5% compared to the end of 2019. As of September 18, 2020, the market capitalization reached VND 4.263 trillion, 2.8% less compared to the end of 2019; The average commercial value reached VND 7.607 billion / session, 19% more than the previous month.
“Generally, in the first 9 months of 2020, the average commercial value in the market reached 5.835 billion VND / session, an increase of 25.3% compared to the 2019 average. Currently, the market has 744 shares and certificates of exchange-traded funds. list; 905 shares registered for listing on UPCoM with a total listing value and a registered listing value reached 1,443 trillion dong, 3% more than at the end of 2019, ”said Ms. Huong.
After the recovery, experts predict, the movement of the stock market in October 2020 depends on the announcement of the third quarter commercial results of the business. In the third quarter of 2020, sectors with positive business results were forecast early, and the good news was reflected in share prices. Therefore, for stocks that have risen in the overbought area, they may decline when good news is announced based on the experience of “buy when rumored, sell when officially announced.”
At the end of the session on September 30, the VN-Index was at 905.2 points, 1.23 points more than in the previous session. On the market, there were 222 winners, 175 losers, and 75 stocks unchanged.
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Tien Phong
