The Vietnamese stock market extended its rally during May 16’s session.

After rumours that the deployment of the national asset managing company will probably not take place until the third quarter at the earliest and the confirmation that it will be established later this month calmed investors' nerves.

In addition, large companies have announced their operational results for the first quarter of this year. Although profits declined compared with the same period last year, there were no losses in the reports.

On the HCM Stock Exchange, the VN-Index put on 0.9 percent, reaching 490.34 points.

Gainers outnumbered losers by 120-73.

Market value improved 36 percent from May 15 to 899.7 billion VND (42.8 million USD) after 49.8 million shares were exchanged.

Among the 30 largest shares led by capitalisation and liquidity, only private equity firm Masan (MSN) and property developer Vingroup (VIC) retreated. Meanwhile, 18 blue chips advanced. Notably, logistic company Gemadept (GMD) hit its ceiling price and Da Nang Rubber (DRC), PetroVietnam Low-pressure Gas Distribution (PGD) and Vietcombank (VCB) gained between 3.3-5.4 percent.

The VN30 added 0.76 percent to 556.01 points.

On the Hanoi Stock Exchange, the HNX-Index closed at 60.94 points, a 0.73 percent increase.

Trading value reached 193.9 billion VND (9.2 million USD), crawling 5 percent over the previous day's figure, on the volume of nearly 25.2 million shares.

The HNX30, tracking the northern bourse's top 30 shares, rose 0.68 percent to 114.28 points.

Foreign investors were net buyers on both bourses on May 16, picking a combined margin of 54.6 billion VND (2.6 million USD).-VNA