UPDATE: Financial and Actual Hurricanes Buffet Local Stocks

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Local financial and real estate stocks were largely down on Monday following a tumultuous weekend that saw Merrill Lynch agree to sell itself to Bank of America, Lehman Brothers file for bankruptcy and A.I.G. seek emergency funding from the Fed. Energy stocks also were off as Hurricane Ike largely spared Gulf Coast oil rigs.

The Dow Jones Industrials plunged 500 points, or 4.4 percent, to 10,917.51 the worst point drop since the first day of trading after the Sept. 11, 2001 terrorist attacks. The Los Angeles Business Journal’s index of the 200 largest local public companies also fell 4.4 percent to 133.34 Monday, with decliners outpacing gainers 131 to 37.

Commercial real estate property owners fell amid continued concerns that a longer economic slowdown would slow business expansion. Also vulnerable were regional bank and specialized lenders still seen as having exposure to the mortgage crisis.

Maguire Properties Inc. was the top loser among stocks listed on a major index. Downtown L.A.’s leading commercial landlord fell 23 percent to $7.78. Meruelo Maddux Properties Inc., another L.A. real estate investment trust, dropped 18 percent to 91 cents, despite announcing a $10 million stock buy-back. Douglas Emmett Inc., another L.A. office and multifamily REIT, closed down 9 percent $21.78. Los Angeles real estate services giant CB Richard Ellis Group Inc. also lost 8 percent to $13.50.

Pasadena-based East West Bancorp. Inc. closed down 8 percent, to $12.62. Santa Monica-based Anworth Mortgage Asset Corp. fell 8 percent to $7.11. Los Angles-based First Regional Bancorp dropped 7 percent, to $5.30.

Oil prices have plunged recently and dropped well below $100 a barrel on Monday morning. As a result, shares of Los Angeles-based Occidental Petroleum Corp. dropped 6.6 percent to $67.66. Regional oil exploration firm Breitburn Energy Partners Inc. closed down 6 percent to $13.21.

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