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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SVB shutdown sends shockwaves through Silicon Valley as CEOs race to make payrollThe sudden collapse of Silicon Valley Bank on Friday sent shockwaves through the startup community, which has come to view the lender as a source of reliable capital and deposit partner, particularly for some of tech’s biggest moonshots. | Reuters
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Silicon Valley exhales after US intervenes in SVB collapseA wave of relief swept over Silicon Valley Sunday following a tense weekend of board meetings, emergency funding plans and pleas for help after regulators stepped in to backstop the region’s embattled namesake bank. | Reuters
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PSEi drops, peso climbs amid Silicon Valley Bank crisisPhilippine financial markets closed mixed on Monday, as players digested recent developments including the closure of the Silicon Valley Bank (SVB), a key lender to American startups in the past four decades.
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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.
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US preparing to stem SVB fallout with 'material action' – sourcesUS Treasury Secretary Janet Yellen rules out a government bailout for the collapsed Silicon Valley Bank.
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After SVB failure, US guarantees all deposits to stem falloutThe move will not lead to losses by American taxpayers, and all depositors, including those whose funds exceed the maximum government-insured level, will be made whole.
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