Shares rise on purchasing power hinh anh 1An investor checks share prices on MB Securities Co’s trading floor (Photo: VNA)

Hanoi (VNS/VNA) -
Stocks struggled on August 30 morning, but buying power was overwhelming in the afternoon’s session, helping the market rebound.

The benchmark VN Index on the HCM Stock Exchange advanced 1 percent to close at 998.07 points, reversing its loss of 0.71 percent on August 30.

The HNX Index on the Hanoi Stock Exchange gained 0.71 percent to end at 113.59 points. It gained 0.48 percent on the day.

More than 234.3 million shares were exchanged on the two bourses, worth 5.4 trillion VND (232.5 million USD).

Market trading was positive with 258 gaining stocks and 185 decliners, while 301 stocks ended flat.

The blue-chip VN30 Index, which tracks the 30 largest shares by market capitalisation, rose 1.08 percent to 975.43 points.

Cash was poured into large-caps, with gainers including Masan Group (MSN), budget airline Vietjet (VJC), Saigon Securities Incorporation (SSI) and dairy firm Vinamilk (VNM).

In particular, petroleum stocks made gains thanks to increasing global oil prices.

PetroVietnam Gas Joint Stock Corporation (GAS) increased 4 percent, PetroVietnam Drilling & Well Services Corporation (PVD) advanced 3.3 percent, PetroVietnam Technical Services Corporation (PVS) moved up 5.8 percent and Vietnam National Petroleum Group (PLX) gained 2.2 percent.

WTI crude oil rose 1.4 percent to trade at 69.51 USD per barrel. Brent crude oil rose 0.98 percent to 77.04 USD per barrel.

Banking stocks also increased across the board, driving the market up. Among the gainers were JSC Bank for Investment and Development of  Vietnam (BID), Vietcombank (VCB), Vietinbank (CTG), Techcombank (TCB), VPBank (VPB) and Military Bank (MBB), up between 1 and 3.7 percent.

The UPCOM Index on the Unlisted Public Company Market (UPCoM) edged up 0.88 percent to finish at 51.78 points. The unlisted market index increased 0.1 percent in the previous session.-VNS/VNA