177 stocks gained and 159 lost on the Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based.

Total trading volume rose nearly 20 percent over the previous session, to VND3.93 trillion ($167.18 million) this session, but remained below the April average of VND4.26 trillion ($181.22 million).

The index had plunged 10 points below its opening level in the morning, but gradually made its way up to close in green as more buy orders on the market’s highest capped stocks began pouring in the afternoon.

Analysts say the recovery in global oil prices, along with Vietnam’s easing of its nationwide social distancing order from April 23, has acted as a stimuli for cash flow into equity markets, with limited effect given the previous two sessions of below-average liquidity.

West Texas Intermediate (WTI), the U.S. benchmark crude, jumped nearly 31 percent to $18.03 a barrel, while Brent crude added 10 percent to $22.40 a barrel at the end of Thursday.

The VN30-Index, representing the stock market’s 30 biggest market caps, rose 1.05 percent this session, with 12 stocks gaining and 11 losing, and seven keeping their opening prices.

Gains were led by VNM of leading dairy firm Vinamilk, up 7 percent, and CTD of construction giant Coteccons, up 6.9 percent. Both stocks hit their ceiling prices, the highest they can go in a trading day.

VNM’s price began rising upon the announcement by Vinamilk’s directors that they had approved a plan to buy back 17.5 million of the company’s shares to hold as treasury shares, both through put through and order-matched transactions on the market.  

Other major gainers included REE of appliances maker Refrigerated Electronics Engineering Corp., up 3.7 percent, VPB of private lender VPBank, with 3 percent, and HPG of steelmaking giant Hoa Phat Group 2.3 percent.

The remaining gainers belonged to different industries and sectors.

ROS of FLC Faros and NVL of Novaland, real estate developers, added 1.9 percent and 0.8 percent respectively.

In the opposite direction, VHM of real estate developer led losses with 2.4 percent, followed by VJC of budget carrier Vietjet Air, down 1 percent, and MWG of electronics retailer Mobile World, down 0.6 percent.

Most of the other losing stocks belonged to the banking sector, with three major state-owned lenders, MBB of Military Bank, BID of BIDV, and VCB of Vietcombank shedding 0.6 percent, 0.6 percent and 0.4 percent respectively.

SAB of major brewer Sabeco also ended a three-session gaining streak, falling 0.3 percent.

Meanwhile, the HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, edged up 0.24 percent, but the UPCoM-Index for stocks on the Unlisted Public Companies Market dropped 0.15 percent.

Foreign investors were net sellers for the 18th consecutive session on all three bourses for a total of VND385 billion ($16.37 million), with selling pressure mostly on VCB of Vietcombank and VNM of Vinamilk.