At end-2008, when the world was reeling from the global financial crisis — the most recent to shake global markets — most banking stocks fell below book value.
(Feb 21): The shares of more than 60% of local banks are currently trading below book value, a plight last seen in 1997 and 2008.
Thinning margins and earnings erosion today, coupled with slowing credit and economic growth, have now been exacerbated by the Covid-19 outbreak and its impact on economic activities.
