The Swiss Stock Market Extended Losing Streak On Uncertainty

(RTTNews) - The Swiss stock market ended Monday's session with a significant loss, extending its losing streak to four sessions. The market under heavy pressure in early trade, due to the weak performance of the Asian markets. The losses continued in the afternoon, dragging the market below the 7,800 point level, its lowest level in over a month.

Investor sentiment was impacted by the continued concerns and uncertainty surrounding the upcoming U.K. referendum on whether to remain a member of the European Union, or to exit. Investors are also awaiting announcements from the Bank of Japan, the Swiss National Bank and the U.S. Federal Reserve this week.

The Swiss Market Index decreased 1.77 percent Monday and finished at 7,782.35. The Swiss Leader Index fell 1.82 percent and the Swiss Performance Index lost 1.75 percent.

LafargeHolcim was among the top losers of the session, falling 3.8 percent. A media report stated that the cement company wants to expand its divestment.

Swiss Re dropped 2.8 percent and Zurich Insurance weakened by 2.6 percent. Credit Suisse has rated Swiss Re as an "Underperform" and stated that Munich Re has a better risk/reward profile.

Credit Suisse declined 2.0 percent Monday. The stock hit an intraday low that was close to its lowest level in over two decades. UBS also surrendered 2.0 percent. Exane BNP reduced its price targets on both stocks and confirmed its "Underperform" rating on each. Julius Baer fared a bit better, with a loss of 1.7 percent.

Index heavyweight Roche was under pressure, with a loss of 2.1 percent. Novartis decreased 1.5 percent and Nestle weakened by 1.6 percent.