Swiss Stocks Extend Weekly Losses As ECB Refrains From Action

(RTTNews) - Swiss stocks tumbled Thursday, after the European Central Bank decided not to offer fresh stimulus for the European economy.

ECB President Mario Draghi said central bank inaction is not to blame for Europe's woes. "I find this description of the ECB as the guilty actor here needs to be corrected," he said. "Other policy areas need to contribute decisively."

The Swiss Market Index dropped 1.53 percent to 8,654.71, edging further from recent 6-year highs.

big banks were hammered, with Credit Suisse down 2.9 percent and UBS down 2.1 percent.

Transocean shares plunged 6.2 percent, dropping to a yearly low as oil prices continued to fall.

Sonova said it completed the acquisition of Comfort Audio. Sonova shares were flat.