HÀ NỘI — Shares rose on the HCM Stock Exchange on Thursday but declined on the Hà Nội Stock Exchange.

The benchmark VN-Index edged up 0.44 per cent to close at 806.32 points, the highest point since February 15, 2008.

The southern market has been on a steady upswing, with growth of 5.9 per cent in the last three weeks and nearly 21.3 per cent since the beginning of this year.

Large-cap stocks, especially banks, pushed up the market.

Eighteen of the top 30 largest shares by market value and liquidity on HCM City’s bourse (VN30) advanced and only nine declined.

Banks recovered after a bearish session on Wednesday. Five of seven listed lenders gained value and only one (Vietnam Prosperity Bank) slumped.

The four largest banks by market value and assets, Vietcombank (VCB), Vietinbank (CTG), BIDV (BID) and Military Bank (MBB), increased by less than 1 per cent. Sacombank (STB) picked up 1.74 per cent.

Besides banks, other blue chips which pulled up the VN-Index were PV Gas (GAS), up 3.6 per cent; VinGroup (VIC), up 2.2 per cent; Saigon Securities Inc (SSI), up 1.6 per cent; FLC Faros Construction (ROS), up 1 per cent; and Masan Group (MSN), up 0.5 per cent.

According to Vietnam Investment Securities Co, the VN-Index reaching new heights eased concerns that the market would soon undergo a downward correction after hitting a 10-year peak last Friday.

“The uptrend will continue. It may stop but not now,” analysts at Vietnam Investment Securities Co wrote in a note. Since the VN-Index has been rising from 761 points on August 22, there have only been two losing sessions, demonstrating the market’s strength.

However, on the smaller Hà Nội Stock Exchange, the HNX-Index inched down 0.05 per cent to end at 104.38 points. It rose 1.5 per cent in the last two sessions.

The northern market has climbed more than 30 per cent compared to the last trading day of 2016.

Investors’ concern now is market liquidity, which barely improved in recent sessions.

A total of 233 million shares worth more than VNĐ4.5 trillion (US$198.2 million) were traded in the two markets, up 23 per cent in volume but almost unchanged in value compared to the previous session. — VNS