MANILA -The Philippine Stock Exchange index (PSEi) dropped for a second straight session on growing risk aversion due to concerns in the US banking sector. The PSEi shed 0.81 percent, or 53.15 points, to 6,540.24 while the broader All Shares index slumped 0.41 percent, or 14.53 points, to 3,492.26. 'Philippine shares edged lower following First Republic Bank's statement that its deposits dropped 40 percent … which reignited concerns about the banking sector [in the US],' Luis Gerardo Limlingan, head of sales at stock brokerage house Regina Capital Development, said in a note to investors on Wednesday.

https://business.inquirer.net/397725/us-bank-jitters-reemerge-knocking-down-ph-shares

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