BRUSSELS (dpa-AFX) - The Swiss stock markets finished to the downside Friday, following a late-day sell-off. The market was positive for much of the session, but was unable to hold onto those gains heading into the weekend. Profit taking was partially responsible, but weak economic data from Europe and the United States also played a role in the negative finish.
Investors continue to watch the developments in Greece. The country's finance minister stated today that Greece will not seek a bailout extension. Jeroen Dijsselbloem cautioned against taking unilateral steps and ignoring previous arrangements after holding his first meeting with the new Greek government Friday.
Eurozone consumer prices declined for the second straight month in January, posting the biggest annual fall since 2009. Germany's retail sales rose at a slower than expected rate in December and U.S. fourth quarter GDP slowed by more than economists had expected.
The Swiss Market Index decreased by 0.60 percent Friday and closed at 8,385.13. The SMI reached an intraday high of 8,493.05. The Swiss Leader Index fell by 0.13 percent and the Swiss Performance Index lost 0.42 percent.
The index heavyweights all finished in the red Friday, lead by Roche, which dropped by 1.6 percent. Novartis decreased by 0.9 percent and Nestle finished down by 0.5 percent.
Financial stocks were also under pressure at the end of the trading week. Credit Suisse fell by 0.7 percent and Julius Baer decreased by 1.0 percent. UBS finished also down by 0.3 percent.
Givaudan was one of the top performing stocks, with a gain of 1.6 percent. The company reported full year results yesterday that were in line with expectations. Deutsche Bank raised its price target on the stock Friday.
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