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VCSC Daily - More selling; PNJ results good, BUY

Market fail to hold on to early gains. The market opened the trading session in the green but eventually slid as selling pressure mounted. Sentiment was cautious from the previous day’s release of Hanoi’s CPI showing a higher figure than in HCMC. Investors were expecting a lower number so the SBV would have room to cut interest rates further. We also think as we get closer to the Tet holiday, retail investors are starting to convert to cash in preparation for the holiday.