Shares continued to rise on both stock exchanges during January 8 session.

On the Ho Chi Minh City Stock Exchange, the VN-Index gained 0.74 percent to hit 513.90 points. However, the market value declined slightly over January 7 level to reach almost 1.1 trillion VND (52.4 million USD) on a volume of 70.3 million shares.

Only seven of the 30 largest stocks in terms of capitalisation and liquidity tracked by the VN30 Index tumbled, while 20 others managed to post gains, lifting the index up 0.87 percent to 573.11 points.

The shares of oil and gas giant PetroVietnam's subsidiaries were among the fastest to increase, with PetroVietnam Drilling Services (PVD) hitting the ceiling price, PetroVietnam General Services (PET) rising 3.4 percent, and PetroVietnam Low Pressure Gas Distribution (PGD) rising 3.8 percent.

Private equity group Masan (MSN) and Sai Gon Securities Inc. (SSI) also enjoyed high growth of 2.4 percent and 5.6 percent respectively.

On the Hanoi Stock Exchange, the HNX-Index ended at 69.99 points, a 0.75 percent rise.

The HNX30 Index, composed of the bourse's top 30 shares, also advanced by over 1 percent to 132.87 points.

Mid- and small-cap stocks performed best, seeing the highest increase of 1.2 percent among the indices.

Trading value and volume in Hanoi reached 454.6 billion VND (21.6 million USD) and 56.2 million shares.

Foreign investors upped their net buying value by 9 percent, compared with the previous session, to reach 40.4 billion VND (1.9 million USD).

After the decision to extend foreign ownership in Vietnamese credit institutions saw a positive impact on the market on January 7, the trading session on January 8 remained positive, although there was no new supportive information. The VN-Index was expected to exceed its resistance, while the HNX-Index was predicted to approach 73-74 points in the medium term.

"However, investors should pay attention to the possible risks as the indexes reach 520 points and 71.5 points," warned Bao Viet Securities Co's Nguyen Xuan Binh.-VNA