Shares surged on Monday morning following last week’s late gains as markets showed signs of stabilising thanks to two straight days of no new COVID-19 cases.

Viet Nam’s benchmark VN-Index on the Ho Chi Minh Stock Exchange gained 3.58 per cent to end the morning at 726.91 points.

The southern market index rallied a total of 6 per cent in the last three days of last week to finish the week at 701.80 points.

The VN-Index made a weekly gain of 0.82 per cent last week and it has bounced back significantly by 10.3 per cent from a 3 ½-year low of 659.21 points on March 24.

More than 200.4 million shares were traded on the southern exchange, worth VND2.7 trillion (US$114.8 million).

Viet Nam did not report any new coronavirus infections on Monday morning, keeping the country’s tally at 240, the Health Ministry said.

The country entered a 15-day nationwide social distancing campaign starting Wednesday, not allowing gatherings of more than two people and asking people not to leave their homes to contain the spread of the pandemic. The step was taken citing a crucial two-week period in the nation’s COVID-19 fight.

The recent rally clearly shows increased market sentiment and some investors are looking forward to a stronger recovery.

On Monday morning, large-cap stocks advanced on both exchanges. Large-cap trackers the VN30-Index and HNX30-Index rose 3.46 per cent and 3.18 per cent, respectively.

In the VN30 basket, 27 of the 30 largest stocks by market capitalisation and trading liquidity made gains while only three declined.

Gainers included Mobile World Group (MWG), Bao Viet Holdings (BHV), Phu Nhuan Jewellery (PNJ), Vinhomes (VHM) and Vingroup (VIC).

The HNX-Index on the Ha Noi Stock Exchange jumped 2.95 per cent to close Monday morning at 100.73 points.

Nearly 36.2 million shares were traded on the northern bourse, worth VNĐ377.6 billion.

The afternoon trading starts at 1 p.m. — VNS