Shares extended losses in the afternoon session of March 16 as investors sold off blue chips.

Analysts said portfolio reviews by exchange-traded funds (ETFs) this week will impact market movement, with investors likely to offload shares that ETFs will remove from their baskets.

On the Hochiminh Stock Exchange, the benchmark VN-Index fell 0.9 percent to close the session at 580.80 points, while the VN30, which tracks the top 30 shares by market value and liquidity, shed 1.02 percent to end at 610.63 points.

Kinh Bac City Development Holdings Corp (KBC) and confectionery Kinh Do Corp (KDC) were among the most heavily-traded stocks following information that Market Vectors Vietnam ETF (VNM) added these two stocks to its portfolio.

FLC Group (FLC) remained the most active code with the trading of 18.1 million shares. VNM ETF also increased purchases of FLC Group, pushing the share price up 2.52 percent to 12,200 VND (0.57 USD) a share.

On the other side of the fence, shares unloaded by VNM ETF, including VinGroup (VIC), Vietcombank (VCB), Masan Group (MSN) and Sacombank (STB) all declined.

Demand was still good, improving liquidity slightly compared with the previous session's levels, totaling 100.5 million shares worth 1.82 trillion VND (85 million USD).

On the Hanoi Stock Exchange, the HNX-Index also dropped 0.74 percent to finish at 85.08 points, extending losses to four days in a row.

Bottom fishing pushed up liquidity, however. The market volume soared 80 percent over the previous session to reach 55.5 million shares, while trading value also climbed 60 percent to 682.3 billion VND (nearly 32 million USD).

KLF Joint Venture Global Investment Co (KLF), an investment arm of FLC Group (FLC) again led the market volume with over five million shares traded, adding 0.94 percent to settle at 10,700 VNDa share.

Foreign investors ended the session as net sellers in both markets, responsible for a combined net sell value of 11.27 billion VND (526,600 USD).-VNA