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VCSC Daily - VN-Index extends losing streak, led down by financials - FCN

Stocks on Thursday fell to their lowest level since September 20 as the financial sector (-1.6%) continued to slump. The market was down more than one percent to 662 before a rally in the last hour of trading cut losses. KBC (-5.9%) fell sharply after approving a capital raising plan to sell shares would now also include selling convertible bonds. We think the market reacted negatively to the announcement given that this was a confirmation of an upcoming dilutive transaction.