Vietnamese shares soared yesterday as investors flocked to pour money into the HCM Stock Exchange (HOSE) after a two-day halt in operations following a technical crash.

The southern bourse operated as normal from 9am Thurday.

The benchmark VN-Index on the HCM Stock Exchange rose 1.58 per cent to close at 1,104.57 points. It had gained 2.39 per cent on Monday, the day the crash occurred, shutting down all trading activities on the exchange.

More than 508 million shares were traded on the southern exchanges, worth nearly VND14.1 trillion (US$622.7 million).

These trading figures were up two-fold in both volume and value compared to the last trading session on January 22.

The minor HNX-Index on the Ha Noi Stock Exchange added 0.29 per cent to end at 126.62 points. The northern market index finished Wednesday down 0.05 per cent.

Over 100 million shares were traded on the southern exchanges, worth nearly VND1.7 trillion, up 60 per cent in volume and 56 per cent in value compared to the last trading session on January 24.

Across the two local exchanges, there were 213 gaining stocks, 292 declining ones and 67 stocks ending flat.

Large-cap stocks performed well as the VN30 Index, which tracks the performance of the 30 largest shares by market capitalisation, advanced 1.18 per cent to 1,095.52 points with nearly two-thirds of the 30 stocks advancing.

The banking sector remained the major supporter for the market as 12 of 14 listed lenders advanced, of which JSC Bank for Investment and Development of Viet Nam, listed as BID and Bank for Foreign Trade of Viet Nam, as VCB, exceeded the maximum rate of 7 per cent (the ceiling price) set out by the HOSE.

Other gainers, including Viet Nam Joint Stock Commercial Bank for Industry and Trade (CTG), Viet Nam Prosperity Joint Stock Commercial Bank (VPB), Military Commercial Joint Stock Bank (MBB), and HCM Development Joint Stock Commercial Bank (HDB), rose at least 3.8 per cent.

Bank shares recorded an average growth of 1.71 per cent, according to data on vietstock.vn yesterday.

The energy industry also posted strong growth yesterday as the industry index inched up 1.14 per cent. The industry was led by PetroVietnam Gas Joint Stock Corporation (GAS) and ThaiDuong Petrol Joint Sotck Company (TDG), hitting the ceiling prices.

Other growers were PetroVietnam Low Pressure Gas Distribution JSC (PGD) and CNG Viet Nam Joint Stock Company (CNG), up 3.25 per cent and 6.13 per cent, respectively.

BIDV Securities JSC (BSC) said in its report that the market would continue to increase sharply in the coming sessions despite a slight correction in the afternoon session.

“Large cash flow from the market will be the main driver for the index to soar and cross the old peak,” it said in its daily report.

According to the Viet Dragon Securities Co (VDSC), the market seems to be overbought and correction may come soon. Thus, traders will consider taking profits and then cover stocks at lower prices. — VNS