Swiss Market Ends On Weak Note For 5th Straight Session

(RTTNews) - After opening marginally up, the Switzerland market slipped into the red Tuesday morning, and kept sliding lower and lower as the session progressed to eventually close on a very weak note.

Worries about inflation and fears that possible steep interest rate hikes could push the economy into recession weighed on stocks.

The benchmark SMI ended with a loss of 197.18 points or 1.81% at 10,699.07, extending losses to a fifth straight session.

Partners Group, Sika and Givaudan lost 4.8 to 5.1%. Geberit and Lonza Group ended lower by 3.7% and 3.5%, respectively.

Novartis, Richemont, Nestle, SGS, Credit Suisse, Roche Holding and ABB lost 1 to 2.5%.

Zurich Insurance Group, Swiss Life Holding and Swiss Re posted modest gains.

Among the stocks in the Swiss Mid Price Index, Ems Chemie Holding, Tecan Group, Georg Fischer, Bachem Holding and Zur Rose lost 2.9 to 4.1%.

Flughafen Zurich, SIG Combibloc, AMS, Lindt & Spruengli, Schindler Holding, Schindler Ps, Temenos Group and Barry Callebaut declined 1 to 2.5%.

Cembra Money Bank climbed 2.3% and Julius Baer surged up 2.15%. Kuehne & Nagel and Dufry both gained about 1.3%. Helvetia and Baloise Holding closed modestly higher.