URGENT: SVB shares halted after heavy sell-off in premarket trading

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A trader works during the opening bell at the New York Stock Exchange (NYSE) on Wall Street in New York City on August 16, 2022. – Wall Street stocks were mostly lower early Tuesday following lackluster housing data and as Walmart results highlighted how inflation is altering consumer behavior. (Photo by ANGELA WEISS / AFP)

Washington, United States | AFP |

Shares in Silicon Valley Bank, a major lender to the tech industry, were halted Friday morning after a sharp sell-off in premarket trading.

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The move came as the world’s biggest banks took a stock market beating after trouble at SVB sparked concerns over the wider sector.

SVB shares tumbled more than 60 percent on Thursday after the company warned it would need to raise additional funds to help pay off a $1.8 billion after-tax loss.

© Agence France-Presse