PacWest Bancorp shifted from being the worst performer on Tuesday in the KBW Regional Banking Index to being the best, as the beaten-down bank stock swung with volatility continuing to grip the shares and the sector.
PacWest rose 2.4 per cent on Tuesday, erasing earlier declines of as much as 10 per cent. The bounce pushed the stock to gain for a third day, extending an advance that included a record rally of 82 per cent on Friday. The KBW Regional Banking Index pared an earlier drop to close lower by 0.7 per cent.
First Republic Bank’s failure early last week further stoked the volatility in bank shares with the KBW Regional Banking Index falling 11 per cent since then. California’s financial regulator said it will boost scrutiny of banks with assets over $50 billion. Some analysts say the tumbling stock prices have become disconnected from the companies’ fundamentals.
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