PSEi drops, peso climbs amid Silicon Valley Bank crisis

The local stock barometer shed 45.43 points or 0.69% to 6,544.45 at the closing bell, while the broader All Shares index slipped by 21.56 points or 0.61% to 3,518.83.

Increases were seen in the index for holding firms which grew by 0.44% to 6,299.98, and mining and oil which rose by 0.007% to 10,697.46. The collapse came after SVB announced a stock offering and sale of securities, in a bid to boost its cash, dragging its shares down 60% in New York on Thursday.on Monday, amid expectations that the recent development would complicate the Federal Reserve’s plans to continue with its policy tightening.

Locally, the Philippine peso gained 24 centavos to close Monday at P54.93:$1 from last Friday’s finish of P55.17:$1.

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U.S. Treasury says Silicon Valley Bank, Signature Bank ‘not being bailed out’New policies adopted on Sunday by U.S. banking regulators will “wipe out” equity and bondholders in Silicon Valley Bank and Signature Bank of New York while protecting all customer deposits, a senior U.S. Treasury official said. | Reuters
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