Vietnamese shares soared on Wednesday, the first trading day of the lunar year, thanks to positive sentiment among investors.

The benchmark VN-Index hit an almost decade-high on Wednesday after large cash flows poured into blue-chip stocks on investor optimism over a sustainable uptrend.

Vietnamese shares were boosted to a new 10-year-high by large-cap stocks last week, but the latest drop may signal further decline in the coming week, analysts say.

Shares soared on both local markets on Thursday with the VN Index hitting a fresh 10-year high as investor confidence improved, pouring strong investment into all sectors and stocks.

Shares sank again on the HCM Stock Exchange on Tuesday as large-cap stocks were hit by low investor optimism.

While stocks are set to rise this week, concerns remain as listed companies are about to finish releasing their second-quarter earnings reports, putting the market in a period where there is not much information forthcoming, analysts say.

Shares bounced back on Wednesday as large-cap stocks, especially financial stocks, recovered on investors’ optimism about the market outlook.

Shares advanced during the first session on Wednesday after the National Reunification and International Labour holidays as investors remained positive about the market outlook.

Shares rose for a second day in the two local markets on Thursday on investor optimism that the market will return to a positive trend soon.