BRUSSELS (dpa-AFX) - The Swiss stock market ended Friday's session solidly in negative territory. After swinging back and forth between gains and losses in the morning, the market turned definitively lower in the afternoon, after early gains on Wall Street began to erode.
The recent downturn in global equities has been sparked by concerns over rising inflation and the potential for further rate hikes from the Federal Reserve. Rising bond yields have applied further pressure to the equity markets.
The Swiss Market Index decreased by 0.93 percent Friday and finished at 8,682.00. The SMI ended the trading week with an overall loss of 5.8 percent. The Swiss Leader Index dropped 1.0 percent Friday and the Swiss Performance Index lost 0.96 percent.
Aryzta was among the weakest performing stocks of the session, tumbling 4.4 percent. Swatch declined 2.1 percent, Logitech dropped 2.2 percent and Lonza lost 2.6 percent. Shares of Schindler also finished lower by 1.9 percent.
Financial stocks were under pressure at the end of the trading week. UBS decreased 1.6 percent Julius Baer fell 1.3 percent. Credit Suisse also slipped 0.7 percent. Swiss Life decreased 1.2 percent and Partners Group lost 1.5 percent.
ABB weakened by 1.6 percent, after sinking nearly 7 percent on Thursday.
The index heavyweights all finished with modest losses. Novartis declined 1.0 percent, Roche fell 0.7 percent and Nestlé surrendered 0.5 percent.
Copyright RTT News/dpa-AFX