Swiss Market Ends Notably Lower; Bank Stocks Tumble

(RTTNews) - The Switzerland stock market ended notably lower on Monday, in line with markets across Europe, as concerns over the fallout of the collapse of Silicon Valley Bank rendered the mood extremely bearish.

Bank stocks were among the worst hit in the sell-off.

The benchmark SMI, which plunged to 10,538.35 around mid morning, ended with a loss of 133.21 points or 1.24% at 10,632.05.

Credit Suisse tumbled nearly 10%. UBS Group plummeted 7.66%. Swiss Re and Richemont both shed about 4.3%.

Holcim ended 3.56% down. Swiss Life Holding, ABB, Partners Group and Zurich Insurance Group lost 2.2 to 3.3%.

Givaudan climbed more than 2.5%. Nestle advanced 1.25%, while Geberit, Roche Holding and Novartis edged up marginally.

In the Mid Price Index, Temenos Group tanked more than 8%. Julius Baer drifted down by about 5.5% and AMS lost 4.4%.

Adecco, Helvetia, Bachem Holding, Dufry, Baloise Holding, Georg Fischer and Flughafen Zurich lost 2.5 to 3.6%.