The Swiss Stock Market Dip Slightly At The End Of A Turbulent Week

(RTTNews) - The Swiss stock market ended Friday's trading session with a modest decrease and ended the overall trading week in the red. The volatile trading week was plagued by persistent worries over a hard landing in China, while the Chinese central bank made adjustments in an attempt to strengthen its economy.

The mood among investors today was characterized by uncertainty. Global markets are expected to remain hectic, at least in the short term. Traders will be keeping a close eye on the Chinese stock market and Chinese economic data. Investors are also awaiting further clues on the interest rate outlook as Federal Reserve officials continue their annual meeting in Jackson Hole, Wyoming.

The Swiss Market Index decreased by 0.31 percent Friday and finished at 8,785.10. The SMI ended the trading week with an overall loss of 0.2 percent. The Swiss Leader Index fell by 0.23 percent and the Swiss Performance Index lost 0.33 percent.

Shares of recruiter Adecco were under pressure Friday, falling by 3.2 percent. The weakness was caused by a decision by the U.S. National Labor Relations Board, which has adopted new rules to re-evaluate the working conditions of temporary staff and freelancers.

The index heavyweights all finished to the downside. Roche declined by 1.4 percent, while Novartis and Nestlé both dipped by 0.2 percent each.

Cyclical stocks also turned in a weak performance Friday. Kuehne + Nagel fell by 1.9 percent and Geberit surrendered 1.6 percent. Syngenta dipped by 0.5 percent, but finished the overall trading week with a loss of 12 percent. The stock plummeted after U.S. rival Monsanto abandoned its attempt to takeover the company.

Transocean surged by nearly 13 percent Friday, as it continues to recover from a sharp drop on Wednesday. The mid-week pull back brought shares of the oil driller to a new low, after the cancellation of its next two dividend payments was proposed.

Luxury goods companies finished to the upside Friday, after China concerns dragged them lower during the week. Swatch increased by 1.3 percent and Richemont added 0.7 percent.