Bangkok (EFE).- The main Asian stock markets registered losses on Monday, including a fall of more than 3% in Hong Kong, amid concern about the banking crisis that began in the US and recently affected the Swiss entity Credit Suisse.
The red numbers predominate in the main indexes of the region despite the fact that last Friday an agreement reached in Switzerland will allow the Swiss bank USB to absorb Credit Suisse with the support of the Swiss Government and many analysts indicate that the situation is different from that of the crisis of 2008.
The main index of the Hong Kong stock market, the Hang Seng, plummeted 654.09 points, 3.35%, despite the fact that the Monetary Authority of the Chinese semi-autonomous region today applauded the agreement reached in Switzerland for the absorption of Credit Swiss.
Although Hong Kong banks’ exposure to Credit Suisse is minimal, the local newspaper South China Morning Post blamed the losses on “concerns over a growing global financial crisis following the losses imposed on investors in the forced merger of UBS and Credit Suisse.” .
In Japan, the main index of the Tokyo Stock Exchange, the Nikkei, which brings together the 225 most representative titles in the market, closed with losses of 1.42%, with falls in three of the main Japanese banks: Mitsubishi UFJ (1 .84%), Mizuho (2.33%) and Sumitomo Mitsui (1.67%).
Japanese Finance Minister Shunichi Suzuki said today that the country is “cautiously” watching trends that may occur in the financial market following the takeover of the Swiss bank.
In South Korea, the reference indicator for the Seoul floor, the Kospi, fell by 0.69%, while the selective STI for the Singapore floor accumulated losses of 1.29% at half-time.
The central bank of Singapore, one of the main financial centers in Asia along with Hong Kong, today guaranteed that Credit Suisse will be able to continue operating in the city-state “without restrictions”, just days after ensuring the strength of its financial system despite of the crisis.
Most of the bags in Southeast Asia also accumulated red numbers, including the main selective ones of Kuala Lumpur (-0.64%), Jakarta (-0.92) and Manila (-0.29).
The current banking crisis was triggered in the United States when some entities went bankrupt, including Silicon Valley Bank (SVB) on March 10 and, two days later, the Signature Bank, exposed to cryptocurrencies.
The fall of the SVB, exposed to technology companies and affected by the loss of value of Treasury bonds due to the rise in interest rates, is the biggest bank failure in the United States since the collapse of Washington Mutual in 2008.
Credit Suisse, one of the banks least affected by the Great Recession 15 years ago, fell 25% on the stock market on March 15, sparking fears of contagion and that the Swiss National Bank would grant it a loan of 54,000 million Dollars.