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VCSC Daily - Weak yuan dampen market sentiment - De facto devaluation of the Dong - DHA

The market closed in red territory after the SBV announced to expand the trading band on the VND/USD from 1% to 2% in early morning in response to China’s surprise devaluation of the yuan. The VNI lost nearly 9 points to close at 604.04 with blue chips VCB (-3.4%), VNM (-1.9%) and BID (2.4%) taking away 4.3 pts. On the Northern bourse, the HNI slid 1.3% to close at 82.3 with ACB (-1.9%) and PVS (-2.4%) taking away the most points. Vietnam was not alone . Global markets fell in unison as the yu