VCSC Daily - Lower policy rates fail to hold markets up

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Market tumbles despite lower interest rates – The SBV made an after-trading hour announcement last Friday to again lower deposit cap and policy rates by 1% effective today. Investors appeared positive on the news in early trading but were unable keep the market in the green after a volatile session. Investors have been quite cautious in recent weeks despite lower deposit rates which have made savings relatively less attractive than equities.