The Swiss Market Finished Lower, But Pared Losses In Late Trade

(RTTNews) - The Swiss stock market ended Tuesday's session in the red, but pared its early losses late in the afternoon. The market got off to a weak start after the poor performance of the Asian markets. Profit taking also played a role in the weak session. The financial stocks remained under pressure after the revelation of the Panama Papers.

Early weakness in crude oil prices also pressured the market this morning. Economic data was also in focus Tuesday. Disappointing German factory orders were offset by the better than expected U.S. service sector data.

The Swiss Market Index decreased 0.75 percent Tuesday and finished at 7,673.67. The Swiss Leader Index dropped 1.11 percent and the Swiss Performance Index lost 0.72 percent.

Credit Suisse sank 4.9 percent. UBS and Julius Baer both dropped 3.2 percent. In the broad market, shares of asset managers were also under pressure. EFG fell 3.9 percent and GAM surrendered 2.9 percent.

Insurers also turned in a weak performance. Zurich Insurance weakened by 2.6 percent and Swiss Re fell 1.0 percent. Swiss Life decreased 0.8 percent and Baloise weakened by 0.5 percent.

Cyclical stocks were also among the decliners. Dufry declined 3.7 percent and Adecco surrendered 2,2 percent. ABB dropped 1.8 percent and Clariant lost 1.6 percent. Swatch decreased 2.3 percent and Richemont fell 1.3 percent.

Schindler ended the session with a loss of 1.0 percent. The company announced that it has agreed to sell its Otis Japan business to United Technologies' Otis unit. Financial terms were not disclosed.

The index heavyweights all finished with slight losses. Roche dipped 0.2 percent, while Nestlé and Novartis both fell 0.1 percent.

In the broad market, Evolva climbed 1.4 percent after it signed a license agreement with the US Centers for Disease Control and Prevention.