BRUSSELS (dpa-AFX) - The Swiss stock market ended Tuesday's session with a significant loss. The sharp decline dragged the market below the 9,000 point level, bringing it to its lowest level since last August.
Global markets were under pressure after a historic sell-off on Wall Street yesterday. The Dow Jones Industrial Average suffered its biggest one-day point drop ever on Monday. Equity markets have been heading lower due to a combination of rising bond yields and concerns over rising inflation and higher interest rates.
The Swiss Market Index decreased by 2.90 percent Tuesday and finished at 8,836.71. The Swiss Leader Index dropped 2.99 percent and the Swiss Performance Index lost 2.67 percent.
Financial stocks were particularly weak during the session. Credit Suisse tumbled 6.0 percent, while UBS fell 4.0 percent and Julius Baer surrendered 3.3 percent.
Swiss Re fell by 3.8 percent, after a disappointing report from German competitor Munich Re. Swiss Life weakened by 3.6 percent, Baloise declined 3.5 percent and Zurich Insurance lost 3.4 percent.
Logitech dropped 3.9 percent, ABB fell 3.5 percent and Dufry surrendered 3.2 percent. SGS and Adecco finished lower by 3.1 percent each.
The index heavyweights all finished solidly in negative territory. Novartis decreased 3.0 percent and Nestlé forfeited 2.3 percent. Roche finished down by 1.9 percent. Roche's Genentech subsidiary posted positive study results on cancer treatment TECENTRIQ.
Swisscom declined 1.7 percent and Sonova lost 1.1 percent.
In the broad market, AMS surged 13.2 percent. The semiconductor manufacturer increased its operating profit in 2017 and its net income exceeded analysts' expectations.
Copyright RTT News/dpa-AFX