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VCSC Daily - Losses extend but selling pressure weakens

Our view: Even though investors seem a bit more settled after the deep slide on Monday, losses extended to a second session. It has been hard to pinpoint exactly where the selling pressure is coming from. Some say an imminent gasoline increase (not quite since the MoF just announced it will use the stabilization fund and lower import tax instead). Others point the finger at ETFs which have been rebalancing. We think, in general, investors are still quite on edge about recent events.