Industry update: Financial stocks cut losses ahead of Monday’s close

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Financial stocks pared losses in afternoon trading, with the NYSE Financial Index falling 1.9% while the SPDR Financial Select Sector ETF (XLF) was down 1.1%.

Philadelphia’s housing index rose 1.8%, reversing a midday decline, although the SPDR Real Estate Select Sector ETF (XLRE) was still down 1.3%.

Bitcoin rose 2.9% to $36,239, overcoming an early drop. The yield on the 10-year US Treasuries was 1.2 basis points lower at 1.735%.

In corporate news, Cian (CIAN) plunged nearly 11% after the Russian real estate classifieds website announced that its subsidiary iRealtor was acquiring SmartDeal, which provides electronic registration services and other real estate transactions to Russian buyers and sellers. The deal is subject to regulatory approval, Cian said.

Eagle Bancorp Montana (EBMT) fell 2.6% after announcing a $40 million private placement of its 3.50% floating rate fixed-rate subordinated notes due February 2032. Eagle plans to use the proceeds net for general corporate purposes, including its upcoming acquisition of First Community Bancorp (FCBC) and repurchasing $10 million of its 5.75% Senior Notes due 2022.

KB Financial (KB) fell 2.7% after the bank holding company said the Korean National Pension Service – its largest individual shareholder, had reduced the number of KB Financial shares it now holds to around 37 .6 million, compared to about 40.6 million shares he held at the end of June. Recent stock sales reduced Korean National Pension’s stake to 9.05% on Dec. 31 from nearly 9.8% last June.

Among advances, ETFs (ETFs) edged higher, rebounding from a nearly 3% decline, after the bank holding company said it had completed its merger with Howard Bancorp, with investors receiving 1.8 ETF shares for each of their Howard shares. Based on Friday’s ETF closing price of $12.99 per share, the deal valued Howard at $23.38 per share, topping the quoted price of $21.96 per share when the all-stock deal closed. was announced on July 13.

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