Shares continued to rise on the two local exchanges on Tuesday, fueled by the growth of several major large caps and climbing oil stocks.

The benchmark VN-Index on the HCM Stock Exchange inched up 1.52 per cent to close at 985.06 points. It had gained 0.15 per cent to close at 970.34 points on Monday.

The VN-Index increased sharply in the morning with strong performance from real estate developer Vingroup (VIC), Vinamilk (VNM) and Petro Vietnam Gas JSC (GAS).

Following a sharp rally in the morning session, the index continued to surge in the afternoon session.

The HNX Index on the Ha Noi Stock Exchange was up 0.66 per cent to end at 111.43 points. It had dropped 0.91 per cent to close at 110.69 points on Monday.

More than 236 million shares were traded on the two local exchanges on Tuesday, worth nearly VND5 trillion (US$214 million).

Foreign investors strongly supported the market today when they net bought over VND181 billion in the morning session and raised their net buying to over VND483 billion in the afternoon session.

The large-cap VN30 Index gained 1.65 per cent to stand at 958.91 points.

Among gainers were real estate developer Vingroup (VIC), dairy firm Vinamilk (VNM), Vincom Retail (VRE) and insurer Bao Viet Holdings (BVH).

Oil stocks drove the market up, with gainers being PetroVietnam Gas JSC (GAS), PetroVietnam Technical Services Corporation (PVS) and PetroVietnam Drilling & Well Services Corporation (PVD).

On a sector basis, real estate, mining, banking, securities and insurance companies were the main driving factors for the stock market on Tuesday.

The five industry indices were up 1.9 per cent, 2.5 per cent, 2.1 per cent, 2.1 per cent and 5.8 per cent, respectively.

Other sectors that also performed well included retail, construction materials and food and beverages.

Securities stocks jumped 2.21 per cent, driven by VNDirect Securities Corporation (VND), Saigon Securities Incorporation (SSI) and Viet Capital Securities Joint Stock Company (VCI), which respectively climbed 6.3 per cent, 2.9 per cent and 2.3 per cent.

Bank stocks rallied across the board as Joint Stock Bank for Investment and Development (BID), Vietinbank (CTG), Vietcombank (VCB) successively rose by 3.8 per cent, 2.9 per cent and 1.6 per cent.

Oil-gas stocks also increased as PetroVietnam Gas JSC (GAS), PetroVietnam Technical Services Corporation (PVS) and PetroVietnam Drilling & Well Services Corporation (PVD) all soared.

According to Bao Viet Securities Company, in the coming sessions, the VN-Index is forecast to stay on the uptrend. However, the market may experience some volatility while moving up.

BIDV Securities Company said the market surged after the positive psychology of investors which was strengthened from the previous cumulative sessions, the index continues in the trend towards the 1,000-point level.

“Investors should monitor the stocks which are attracting strong cash flows in banking, real estate and petroleum groups,” it said.

The UPCOM Index on the Unlisted Public Company Market (UPCoM) extended by 0.81 per cent from its 0.07 per cent rally, closing at 51.45 points. — VNS