The stock market rose on Wednesday morning, backed by strong gains in a number of large-cap stocks. However persistent selling force, especially in the banking sector, weighed on market sentiment.

On the Ho Chi Minh Stock Exchange (HoSE), the market benchmark VN-Index increased by 4.89 points, or 0.33 per cent, to 1,483.63 points.

The market's breadth was neutral, while liquidity climbed compared to yesterday. Accordingly, the trading value on HoSE inched up 21.3 per cent in the morning session to VNĐ18.3 trillion (US$799.4 million).

Foreign investors were a net buyer on the southern bourse, with a net value of VNĐ170 billion.

The uptrend was mainly driven by a number of large-cap stocks, as the 30 biggest stocks tracker, VN30-Index fell 0.69 points, or 0.05 per cent, to 1,510.79 points. Of the VN30 basket, 13 stocks increased, while 16 stocks declined and one stock ended flat.

Vietnam Rubber Group (GVR) was the biggest gainer this and led the index rally. The company shares surged 3.58 per cent.

Supporting the benchmark, other big stocks, including Vinhomes (VHM), Vietcombank (VCB), PV Gas (GAS) and Mobile World Investment Corporation (MWG), also posted significant gains. The stocks were up in a range of 1.04 - 1.38 per cent.

The uptrend was capped by losses in other pillar stocks, especially in banking and financial sector. BID witnessed the biggest loss this morning, down 1.03 per cent, followed by Hoa Phat Group (HPG), Vietnam International Commercial Joint Stock Bank (VIB), Novaland (NVL) and HDBank (HDB).

On the Ha Noi Stock Exchange (HNX), the HNX-Index rose 1.36 points, or 0.3 per cent, to 356.37 points. VNS