Swiss Stocks Close Notably Lower
(RTTNews) - Swiss stocks tumbled on Friday, in line with markets across the globe as rising fears about a global recession rendered the mood bearish and triggered heavy selling at the counters.
The World Bank has warned that the world could face a recession next year amid simultaneous tightening of monetary policy by central banks.
World Bank economists warned that the actions may not be enough to bring high prices under control, leading to a need for more interest rate hikes, which in turn will put the brakes on growth.
The World Bank called for boosting production and removing supply bottlenecks to ease inflation.
The benchmark SMI ended with a loss of 136.05 points or 1.27% at 10,610.65, the day's low.
Richemont declined 3.47% and ABB ended 3.04% down. UBS Group, Partners Group, Sika, Alcon and Credit Suisse lost 2.1 to 2.7%.
Nestle, Givaudan, Holcim, Geberit and Zurich Insurance Group ended lower by 1 to 1.77%.
SGS gained 1.05% and Swisscom advanced nearly 1%.
In the Mid Price Index, Sonova drifted down 4.6%. Kuehne & Nagel, Straumann Holding, Temenos Group and Tecan Group lost 2.1 to 4%.
Cembra Money Bank climbed 3.8%. BB Biotech, Swiss Prime Site and PSP Swiss Property ended higher by 1.5 to 1.7%.
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