The Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, saw 305 tickers gain and 108 lose. Total trading volume rose marginally over the previous session, reaching VND6.71 trillion ($290.42 million).

The benchmark index had shot up 7 points within the first 30 minutes of trading, and gradually rose another 3 points by the end of the trading session.

This session’s gains followed a Wednesday announcement of the State Bank of Vietnam that cut the refinancing rate from 4.5 percent to 4 percent, and the discount rate from 3 percent to 2.5 percent. It also lowered caps on the interest banks pay on dong deposits from 4.25 percent to 4 percent for periods of one to six months.

The central bank also reduced the overnight electronic interbank rate from 5.5 to 5 percent. The interest rate cuts came into effect Thursday.

The VN30-Index for the stock market’s 30 largest caps surged 1.05 percent, with 24 stocks gaining and 5 losing.

Topping gains was SBT of agricultural firm TTC-Sugar with 6.8 percent, its ceiling price. It was followed by SSI of top brokerage Saigon Securities Inc. with 5 percent, and REE of appliances maker Refrigeration Electrical Engineering with 4 percent.

Banking sector stocks were mostly positive performers this session. In the private sector, HDB of HDBank climbed 2.9 percent, VPB of VPBank 1.5 percent and TCB of Techcombank 0.9 percent. EIB of Eximbank kept its opening price while STB of Sacombank shed 0.4 percent.

Among the state-owned lenders, VCB of Vietcombank, BID of BIDV, and CTG of VietinBank, the country’s three biggest by assets, added 0.8 percent, 0.4 percent and 0.2 percent respectively. MBB of mid-sized Military Bank grew 0.5 percent.

Oil and gas stocks were among the gainers, too. GAS of energy giant PetroVietnam Power rose 1.5 percent, PLX of petroleum distributor Petrolimex 1 percent, and POW of energy generator PetroVietnam Power, 0.5 percent.

VIC of private conglomerate Vingroup, the bourse’s biggest cap, added 1.1 percent, VHM of its real estate arm Vinhomes surged 2.1 percent and VRE of its retail arm Vincom Retail gained 0.4 percent.

Other major gainers included HPG of steelmaker Hoa Phat Group, up 2.3 percent, and FPT of IT services giant FPT, up 1.6 percent.

The main three losing stocks this session belonged to real estate developers, with TCH of Hoang Huy Group and ROS of FLC Faros both shedding 0.5 percent and NVL of Novaland dropping 0.3 percent.

Meanwhile, the HNX-Index for the Hanoi Stock Exchange, home to mid- and small-capped stocks, added 0.43 percent, while the UPCoM-Index for the Unlisted Public Companies Market gained 1.12 percent.

Foreign investors were again net sellers to the tune of nearly VND300 billion on all three bourses. The most net sold stocks were HPG of steel maker Hoa Phat Group, up 2.3 percent, and VNM of Vinamilk, up 0.4 percent.