VCSC Daily - Interbank rates jump, markets drop

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Increase in interbank rates raise uncertainties. The VNI extended its losing streak to the 5th consecutive sessions while the HNI also reversed to the red in a volatile trading session following similar drops in world equities. Both indices fell in weak trading as investors witnessed the interest rates skyrocket on the interbank market, raising some eyebrows. We maintain that investors’ confidence is still low and the market may continue its sideways dance for a few more session.