FRANKFURT (dpa-AFX) - The Swiss stock market was unable to hold early gains Tuesday, falling into the red late in the day to extend its losing streak to four sessions - costing it almost 1,000 points or 10 percent in that span.
The market was hammered on Monday as the bottom dropped out of the oil market after Saudi Arabia threatened to flood the market. Ongoing coronavirus fears also weighed on sentiment.
The market opened sharply higher today in a technical rebound on stimulus hopes that some of the major global economies - but it couldn't hold their gains.
The SMI eased 0.67 points or 0.01 percent to finish at 9,195.93 on Tuesday after trading between 9,150.54 and 9,576.04.
Among the actives, Credit Suisse surged 2.64 percent, while UBS Group soared 2.44 percent, Novartis spiked 1.66 percent, Nestle tumbled 1.16 percent, ABB dropped 0.94 percent, Lafarge Holcim climbed 0.89 percent, Zurich Insurance lost 0.36 percent and Swiss Life eased 0.33 percent.
The weakness from in line with most of the rest of Europe as skittish investors decided to pocket early gains.
Germany's DAX sank 149.53 points or 1.41 percent to 10,475.49, while London's FTSE fell 5.54 points or 0.09 percent to 5,960.23 and the CAC 40 in France skidded 71.29 points or 1.51 percent to 4,636.61.
In corporate news, Geberit reported fiscal 2019 net income of 646.9 million Swiss francs compared to 597.2 million francs, previous year. Earnings per share was 17.97 francs compared to 16.40 francs. Adjusted net income increased by 3.3 percent to 647 million Swiss francs from 626 million francs in the prior year.
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