Stocks managed to post gains on the HCM Stock Exchange by the end of on May 8's session as investors continued buying despite increased profit-taking selling pressure in the afternoon.

On the HCM City Stock Exchange, the VN-Index advanced to 491.52 points in the morning before sliding to 488.07, up just 0.36 percent over Monday's close.

Heavy profit-taking sales pushed the market volume up 33 percent to nearly 133.2 million shares while the value of on May 8's trades also jumped 23 percent to 2.22 trillion VND(105.7 million USD).

Blue chips were mixed. Thirteen of the 30 leading shares by market value and liquidity rallied while 11 lost ground and six closed unchanged. The VN30 Index increased 0.85 percent to close at over 557 points.

Banks sustained their rises in the afternoon with Military Bank (MBB) and Sacombank (STB) continuing to hit the ceiling, while Eximbank (EIB) rose 2.7 percent to 18,800 VND (0.90 USD) and Vietinbank (CTG) increased 1.8 percent to 22,500 VND (1.07 USD). Vietcombank (VCB) jumped to 34,400 VND (1.64 USD), but slid to 33,700 VND (1.60 USD) by the end of the session.

Military Bank (MBB), the fifth largest listed lender, continued to be the most active code on the southern bourse with 7.6 million shares changing hands, closing at the ceiling of 15,700 VND(0.75 USD).

Stock analysts said many investors decided to sell shares to take cash profits as they expected a correction ahead of a 500-point threshold following several days of gains.

Meanwhile, stocks on the Hanoi Stock Exchange fell for the first time in the last four days with the HNX-Index declining from a one-year high to 83.64 points, a loss of 0.18 percent over May 7's close, despite advancers outnumbering decliners by 182-135.

Trading value grew 22 percent, totalling nearly 1.44 trillion VND (68.6 million USD) with 123.4 million shares exchanged.

While other leading shares such as VNDirect Securities (VND), Kim Long Securities (KLS) and PetroVietnam Construction (PVX) declined, the rise of Habubank (HBB) helped support the market. HBB was the most active share with 10.23 million of its stocks traded, gaining another 1.52 percent to settle at 6,700 VND.

BIDV Securities analysts said both indices exceeded short-term peaks and resistance levels at around 520 points for the VN-Index and 90 points for the HNX-Index.

"The stock market will continue to benefit from the support policy for enterprises. Therefore, investors should pursue the buy and hold strategy during this period," they recommended via a research note on May 8's .

Foreign investors remained net buyers on both exchanges , picking up a combined 77 billion VND (3.7 million USD) worth of shares.-VNA