Stocks rose during afternoon trading on May 7 as stronger buys pushed total market value on both national stock exchanges to nearly 3 trillion VND (143 million USD).

On the HCM Stock Exchange, the VN-Index gained another 2.1 percent to close at a one-year high of 486.31 points. Half of all codes rose by the maximum daily limit of 5 percent. Volume decreased 7 percent from the previous session’s level (May 4) to 100.5 million shares, but the value of trades rose 5 percent to over 1.8 trillion VND (85.7 million USD).

"The market is supported by a significant amount of positive news now," FPT Securities Co analysts wrote in a report on May 7. The Ministry of Finance has just proposed a business bailout package in forms of tax exemptions and reductions worth a total of 29 trillion VND (1.19 billion USD), while the central bank late last week decided to cap lending rates at 15 percent per year in several sectors, they wrote.

Advancers overwhelmed decliners by 243-36. Of the 30 leading shares by market capitalisation and liquidity, 20 rallied, with nine soaring to the ceiling. The VN30-Index closed 1.8 percent higher at 552.3 points. Without positive news on May 7, Sao Mai Construction Corp (ASM) surprised the market by becoming the most-active share with over 6.5 million traded. ASM closed up 4.5 percent to 25,800 VND.

On the Hanoi Stock Exchange, meanwhile, the HNX-Index also jumped 3.1 percent on May 7 to finish at 83.79 points. The value of trades totalled 1.1 trillion VND (52.4 million USD), down 35 percent from May 4, while volume decreased just 2 percent to nearly 99.4 million shares.-VNA