Hanoi (VNA) -🎐 Shares declined on September 14 on the two national stock exchanges after brief rises on the previous day.

Investors remain cautious about trading exchange-traded funds, which will finish their third-quarter portfolio reallocation by the end of this week. The benchmark VN-Index, the measure of 311 stocks on the HCM Stock Exchange, inched down 0.5 percent to close at 656.6 points. The Index closed unchanged on September 13 after two falling sessions. On the smaller exchange in Hanoi, the HNX-Index was down 0.6 percent, closing at 83.4 points. It increased 0.2 percent in the previous session. Large-cap stocks continued to drive the market down. Only six of the 30 biggest most valued stock trended upward, while while 22 lost value. The highest-valued stock, Vinamilk (VNM), was down 0.6 percent to 144,000 VND (6.46 USD) per share. It tumbled in three out of the last four settlements and continued to top shares sold most by foreign investors. Steelmaker Hoa Phat Group (HPG), ranked No 2 in stocks most sold by the foreign sector, decreased in value 0.2 percent. Of few gainers, two were banks, including the second-most-valued listed lender Vietcombank (VCB) and Sacombank (STB). Other banks like BIDV (BID), Vietinbank (CTG) and Military Bank (MBB) slipped between 0.7 percent and 2.5 percent. According to stock analysts at Sai Gon-Hanoi Securities Co, downward correction pressure will likely continue in the remaining sessions of this week. “This correction phase will unlikely last long. The market may rebound after the portfolio restructuring of exchange-traded funds,” these analysts wrote in a report. Portfolio reallocation of FTSE and VNM Exchange Traded Funds (ETFs) will finish by September 16. Local markets often face volatile sessions in early March, June, September and December every year, following the trading reallocation of ETFs, when the FTSE and VNM EFTs hold a combined asset of over 700 million USD, primarily focusing on Vietnamese large-cap stocks. However, reducing holdings by foreign investors has created opportunities for local investors to collect shares in big companies such as Hoa Phat Group, Petrovietnam Transportation Corp (PVT), Vietcombank (VCB), PetroVietnam Technical Services Corp (PVS) and Saigon Securities Inc (SSI), analysts at Investment Vietnam Securities Co wrote in a note. The foreign sector extended their net selling streak to 11 consecutive sessions on the HCM City’s exchange, lifting the total net sell value to 1.44 trillion VND. Their net sell value decreased to just 43 billion VND. In the Hanoi market, they returned to be net sellers after two net buying sessions, offloading shares worth 407 million VND. A total of over 130 million shares worth 2.1 trillion VND were traded in the two markets, up 4.3 percent in volume but down 22.2 percent in value from the Setember 13 figures.-VNA