MADRID, March 13 (KUNA) — The benchmark IBEX 35 index of Madrid Stock Exchange dropped dramatically by 3.51 percent on Monday amid investor concerns in the wake of the meltdown of Silicon Valley Bank, headquartered in Santa Clara, California, US.
IBEX 35 lost 326.1 points, declining to 8,958 points – the biggest decline since last June, according to a statement from Spain’s oldest stock market.
The stocks of the six major banks, listed on the exchange, went down by 11.8 percent for Banco Sabadell, 8.54 percent for Bankinter, 8.24 percent for Banco Bilbao Vizcaya Argentaria (BBVA), 7.78 percent for Unicaja, 7.35 percent for Banco Santander, and 6.24 percent for CaixaBank.
Observers attributed the decline to growing apprehensions among traders over the possibility that the collapse of Silicon Valley Bank might trigger a global financial crisis similar to that of 2007-2008. (end) hnd.gb
Source: Kuwait News Agency