Stocks plunge on US banking woes

The main index fell 151.12 points or 2.31 percent to close at 6,393.33 with Conglomerates leading all sectors in the retreat. Volume rose to 968 million shares worth P6.78 billion as losers trounced gainers 143 to 49 with 47 unchanged.

“Philippine shares fell below the 6500 support as investors bet the collapse at Silicon Valley Bank could be the start of more banking headwinds in the US,” said Regina Capital Development Corporation Managing Director Luis Limlingan. He noted that, “The DJIA fell after a plan to backstop depositors in Silicon Valley Bank failed to buoy bank stocks, as well as the S&P500.“

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse plunged amid concerns over the Silicon Valley Bank’s collapse. Not just at home, almost all markets, were in the red, as investors assessed the impact of SVB’s fallout to the banking sector.“

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Government vows aid for tech firms but Israel stocks slide on SVB collapseIsrael's tech sector is the country's main growth engine, and its relationship with the Silicon Valley region is strong.
Source: rapplerdotcom - 🏆 4. / 86 Read more »

Setting boundaries: Situs of local business taxThe payment of local business tax (LBT) to local government units (LGUs) is usually regarded as a lot less complicated than paying internal revenue taxes to the Bureau of Internal Revenue (BIR).
Source: TheManilaTimes - 🏆 2. / 92 Read more »