Profit-taking pressure increased in the afternoon session on June 1, but growth of large-cap stocks continued to prop up the market.

On the HCM Stock Exchange, the benchmark VN-Index edged up 0.95 percent to close the session at 574.98 points, while the VN30, which tracks the top 30 shares by market value and liquidity, expanded 0.73 percent to end 593.61 points.

Bank stocks led the uptrend as most of this group saw strong development, including Vietcombank (VCB), BIDV (BID), Military Bank (MBB), Eximbank (EIB), as well as Vietinbank (CTG) and Sacombank (STB), with rises between 1 percent and 5.5 percent.

With prices soaring 5.5 percent on June 1 to 45,800 VND (2.11 USD) a share, VCB surpassed PV Gas (GAS) to become the largest stock in market capitalisation on the HCM City's market, with a total market value of 122 trillion VND (5.62 billion USD).

Other blue chips in the VN30 basket, such as Vinamilk (VNM), VinGroup (VIC), Phu My Fertiliser (DPM) and Saigon Securities Inc (SSI), also contributed to the market rise.

Liquidity declined slightly, however, with both market volume and value down 10 percent from the previous session, totalling 118.5 million shares worth 1.763 trillion VND (81.2 million USD).

Property developer FLC Group (FLC) remained the top stock with the highest trades as a whopping 13 million shares were exchanged by the end of the session, but its price tumbled 2.2 percent to close at 9,000 VND a share.

On the Hanoi Stock Exchange, the HNX-Index also increased 0.79 percent to finish the day at 83.89 points, but liquidity dropped here as just 44 million shares worth more than 510 billion VND (23.5 million USD) were traded, down 15 percent in volume and 10 percent in value compared with the levels of May 29.

KLF Joint Venture Global Investment Co. (KLF) continued as the most active stock, with over 5 million shares exchanged, ending flat at 7,500 VND a share.

Foreign buys on June 1 also contributed to the growing confidence of local investors. The foreign sector was responsible for a combined net buy of nearly 104 billion VND (4.8 million USD) worth of shares in the two markets. According to Vietnam Securities Depository Centre, 100 foreign investors, including 18 institutions and 82 individuals, opened securities trading accounts in May, the highest number since the beginning of this year.-VNA