BRUSSELS (dpa-AFX) - The Swiss stock market got off to a weak start Friday and remained stuck in a sideways pattern throughout the session. China grown concerns also contributed to the negative mood among investors, after data showed China's producer price inflation slowed for the fourth month in a row in October.
Investors also had their first opportunity to react to yesterday's Federal Reserve statement. The Fed left interest rates unchanged as widely expected, but indicated it remains on track to gradually raise rates despite signs of a slowdown in the pace of growth in business investment.
The Swiss Market Index decreased by 0.23 percent Friday and finished at 9,074.03. The Swiss Leader Index dropped 0.60 percent and the Swiss Performance Index lost 0.17 percent.
Richemont sank 6.4 percent. The luxury good group reported a fall in first-half underlying net profit amidst growing volatility in consumer demand. Swatch Group also tumbled 5.1 percent.
UBS dropped 2.7 percent. The bank said it would contest residential mortgage-backed securities civil complaint filed by United States Department of Justice.
Julius Baer declined 1.9 percent and Credit Suisse fell 0.9 percent.
The index heavyweights all ended the session with modest gains. Roche climbed 0.9 percent, Novartis gained 0.4 percent and Nestle added 0.5 percent.
Swiss Life advanced 1.4 percent, Swiss Re rose 0.4 percent and Zurich Insurance added 0.2 percent.
Copyright RTT News/dpa-AFX