BRUSSELS (dpa-AFX) - The Switzerland stock market ended notably lower on Wednesday, in line with the trend seen across global markets, as worries about a deep recession mounted after reports said coronavirus infections were increasing after reopening of businesses.
The benchmark SMI ended down 101.91 points, or 1.05%, at 9,631.62, after moving in a narrow range between 9,621.49 and 9,694.36.
Swatch Group, Richemont and Swiss Re lost more than 5%. Credit Suisse, Swiss Life Holding and Zurich Insurance Group ended lower by 4 to 4.5%.
UBS Group, Adecco, Geberit, ABB, SGS and LafargeHolcim also declined sharply.
Alcon climbed up nearly 5% despite the company reporting a first-quarter loss. The company said it could not provide an estimate for full-year results, but said it hopes customer demand would resume once the situation normalises, potentially by late 2020.
Lonza Group, Swisscom and Givaudan also ended on a positive note.
In the midcap section, Dufry plunged more than 9% and AMS declined 8.7%.
Baloise Holding, Georg Fischer, Helvetia, Julius Baer, Clariant, Flughafen Zurich, OC Oerlikon Corp, BB Biotech, Kuehne & Nagel and Bucher Industries ended lower by 2 to 4.5%.
With several countries either reopening their businesses or planning to do so over the next few days, fears about another round of virus infections have surfaced, badly hurting investor sentiment.
The Federal Reserve Chief Jerome Powell noted the economic outlook is 'both highly uncertain and subject to significant downside risks' and suggested it may be necessary for the U.S. Congress to provide additional stimulus.
Copyright RTT News/dpa-AFX
Kostenloser Wertpapierhandel auf Smartbroker.de