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VCSC Daily - Stocks pull back as investors eye Fed meeting - PNJ, SAB

An early rally faded over the course of the morning session and selling accelerated in the afternoon, leaving the VN-Index down three-fourths of a percent at the close. As was the case yesterday, financials (-1.3%) led the slump, particularly VCB (-1.4%), CTG (-2.7%), BID (-2.1%) and BVH (-0.9%), which fell to an eight-month low. Anticipation of a US Fed rate hike Thursday and resulting foreign outflows seem to be dragging on local investor sentiment.