Local Stocks Rocked in Market Downturn

0

L.A. financial and real estate stocks took a beating Monday as the markets plunged on the failure of Congress to pass a financial bailout plan.

The Los Angeles Business Journal’s index of the 200 largest local public companies closed down 8.5 percent to 126.11, with decliners outpacing gainers 158 to 14.

Troubled FirstFed Financial Corp. plunged 25 percent to $7.50, with First Regional Bancorp. dropping 19 percent to $5.20. Wilshire Bancorp Inc. sank 16 percent to $11.80, and East West Bancorp. Inc. closed down 13 percent to $13.26.

City National Corp., the parent of L.A. County’s largest locally based bank, fell 10.5 percent to $50.77. Nara Bancorp Inc. was the only major bank stock to buck the trend, closing up more than 7 percent to $14.50.

Downtown L.A. landlord Maguire Properties Inc. was the top loser among local real estate investment trusts, losing 18 percent to close at $5.77. Douglas Emmett Inc., another office REIT, fell 9 percent to $21.37.

Real estate services giant CB Richard Ellis Group Inc. dropped 17 percent to $11.51. Among homebuilders, KB Home fell 10 percent to $19.34, with Ryland Group Inc. losing 9 percent to $25.38.

The downturn extended to stocks vulnerable to weaker consumer spending. Shopping mall operator Macerich Co. fell 11 percent to $58.02. Casual restaurant chain DineEquity Inc., hit last week by concerns tighter credit markets would hurt franchising, dropped another 12 percent to $15.90.

As oil prices fell by more than $10 a barrel on fears of a wider global economic downturn, Occidental Petroleum Corp. shares dropped 16 percent decline to $65.

No posts to display