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Swiss Market Ends Sharply Lower On Tariff Concerns
(RTTNews) - The Switzerland market ended sharply lower on Monday as stocks reeled under sustained selling pressure right through the day's session amid growing fears of a global recession due to the ongoing trade war.
The market found some support around late afternoon and very nearly moved into positive territory, but a fresh round of selling in the closing hour pushed it down sharply once again.
The benchmark SMI closed down 601.35 points or 5.16% at 11,047.48. The index tanked to a low of 10,775.83 in early trades, losing nearly 875 points in the process.
None of the components of the benchmark made it to positive territory.
Partners Group ended down 9.74%. Givaudan and Adecco plunged 8.15% and 8%, respectively. Swiss Life Holding ended 7.2% down.
SGS, Sika, Roche Holding, Julius Baer, Zurich Insurance Group, Holcim, Novartis, Kuehne + Nagel, Lonza Group, Richemont, Sandoz Group, Nestle, SIG Group, Geberit and ABB lost 4 to 6.5%.
UBS Group, Logitech International, Swatch Group, Straumann Holding and Lindt & Spruengli also ended sharply lower.
GAM and Swiss RE signed a deal targeting the catastrophe bond and insurance-linked securities market. GAM climbed 2.84%, while Swiss Re closed down 6.42%.
Data from Swiss National Bank showed that it held 725.616 billion Swiss francs in foreign currency at the end of March, compared with an upwardly revised 735.440 billion francs in February.
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