The Vietnamese stock market closed higher on Tuesday, extending rallies for a second straight session.

The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) rose 5.81 points, or 0.57 per cent, to 1,033.75 points.

More stocks moved to the upside on the southern bourse, of which 196 ticker symbols inched higher, while 140 stocks finished lower.

However, liquidity declined compared to the previous session, with nearly 614 million shares traded on HoSE, worth nearly VND10.74 trillion (US$431.8 million).

The benchmark index was boosted by gains in large-cap stocks, with the 30 biggest stocks tracker VN30-Index posting an increase of 11.25 points, or 1.1 per cent, to 1,038.09 points. Seventeen stocks in the VN30 basket jumped, while nine stocks slid. And four stocks ended flat.

Leading the market's uptrend were still pillar stocks in banking and manufacturing industries. In the top five stocks influencing the market, Vietcombank (VCB) was the biggest gainer in market capitalisation with a 2.04 per cent increase. It was followed by VPBank (VPB), Vincom Retail (VRE), Techcombank (TCB) and Vinamilk (VNM), up 2.17-6.71 per cent.

Limiting the rallies, some big stocks still faced strong sell-offs, led by Hoa Phat Group (HPG) with a decrease of 4.15 per cent.

Last week, the index fell below the key psychological level of 1,000 points.

Despite the stability of the country's economy, the stock market has gone through a bumpy road. Deputy Finance Minister Nguyen Duc Chi at the Government press conference last week said that the movements were triggered by many reasons, including both internal and external factors.

Of which, global inflation keeps rising due to supply chain disruptions affected by the Russia-Ukraine conflict that is still complicated with no optimistic forecast about the end.

Moreover, the strong fluctuations of the stock market in the region and the world also had a direct impact on the Vietnamese stock market.

Domestically, changes in monetary and fiscal policies are factors affecting the market, he added.

On the Ha Noi Stock Exchange (HNX), the HNX-Index also finished higher yesterday. It rose 1.93 points, or 0.92 per cent, to 212.36 points.

During the session, VND784.61 billion worth of shares, equivalent to a trading volume of nearly 55.83 million shares, was traded on the northern market.

On the other hand, foreign investors decided to run away from the market as they withdraw a net value of nearly VND762 billion from two main exchanges. Spetifically, they net sold VND761.9 billion on HoSE, and VND841.74 million on HNX. — VNS