BRUSSELS (dpa-AFX) - The Switzerland stock market ended sharply lower on Tuesday due to widespread selling amid rising concerns about the economic impact of the fast spreading coronavirus.
Although the pace of new coronavirus infections has reportedly slowed in China, several other parts of the globe are reporting new cases of infections due to the virus.
Countries around the world have reportedly stepped up efforts to prevent a pandemic, with the U.S. pledging $2.5 billion to fight the disease.
The benchmark SMI ended down 234.33 points, or 2.19%, at 10,478.51.
On Monday, the index plunged 3.6%. The index had scaled a record high of 11,270.00 just four sessions ago.
Novartis declined nearly 5%. Swiss Life Holding, Credit Suisse, Alcon and UBS Group lost 3 to 3.6%, while Swiss Re, Swisscom and Sika ended lower by 2 to 2.2%.
Richemont and Zurich Insurance Group both declined nearly 2%. Givaudan, LafargeHolcim, Roche Holding, Geberit, SGS, ABB, Adecco and Nestle lost 1 to 1.7%.
In the midcap section, Temenos Group ended nearly 4% down. Straumann Holding declined 3.3%. Baloise Holding, Schindler Holding, Sonova, Logitech, Schindler Ps and Helvetia lost 2 to 2.5%.
Julius Baer ended nearly 2% down. Bucher Industries, Dufry, OC Oerlikon Corp, Lindt & Sp Ps, Flughafen Zurich, AMS and Georg Fischer also declined sharply.
In economic news, Switzerland's non-farm payrolls increased 1.2% from a year earlier to 5.130 million in the fourth quarter of 2019, following a 1.3% advance in the previous quarter.
Employment in the industrial sector rose 1.4%, while services sector saw an increase of 1.2%.
Among the other major markets in Europe, the U.K.'s FTSE 100 and France's CAC 40 both declined 1.94%, and Germany's DAX ended down 1.88%. The pan European Stoxx 600 declined 1.76%.
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