Philippine financial markets weakened on Tuesday, dragged by fears over the potential spillover from the recent collapse of Silicon Valley Bank (SVB), and after the release of local economic data.
The main PSEi dropped 151.12 points or 2.31% to 6,393.33, marking the fourth straight day of losses to hit the lowest level in over two months, since December 20, 2022.All subindices posted declines, led by holding firms which dropped 2.52%, property by 2.14%, industrial by 2.12%, services by 1.96%, financials by 1.83%, and mining and oil by 0.84%.
Assets of the bank were seized after it took a $1.8-billion loss in the sale of $21-billion worth of securities, with theAnother trader from a separate firm said market players are now fleeing riskier assets like equities, especially those in emerging markets such as the Philippines.
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