The Swiss Stock Market Kicked Off The New Trading Week Wit A Loss

(RTTNews) - The Swiss stock market ended the first session of the new trading week with a loss, extending the losses of the previous trading week. The market began Monday's session around 100 points lower than last Friday's closing price and remained in the red throughout the session. However, the market pared its losses in the afternoon, thanks to the strong rebound of the U.S. markets.

Investors remain unsure what will occur at the Federal Reserve meeting next week. Hawkish comments from Boston Federal Reserve President Eric Rosengren last Friday brought concerns about a near term rate hike back to the forefront. Investors are also looking forward to the Bank of England meeting on Thursday and the upcoming BOJ meeting.

The Swiss Market Index decreased 0.70 percent Monday and finished at 8,206.20. The SMI reached an intraday low of 8,138 points. The Swiss Leader Index dropped 0.95 percent and the Swiss Performance Index lost 0.74 percent.

The economically sensitive stocks were under pressure Monday. Adecco dropped 2.9 percent and Dufry weakened by 2.4 percent. Sika decreased 2.0 percent and LafargeHolcim surrendered 1.9 percent.

Financial stocks also turned in a weak performance at the start of the new trading week. UBS forfeited 2.4 percent and Credit Suisse fell 2.0 percent. Shares of Julius Baer also closed down by 1.8 percent.

Swiss Re finished lower by 0.8 percent. The company emphasized that the environment remains challenging at an industry event in Monte Carlo.

Shares of Galenica dropped 1.5 percent. President Etienne Jornod stated in the press on Sunday that the company is confident that a positive solution will be found for the roughly 20 percent of shares owned by Sprint Investments.

The index heavyweights all finished in negative territory. Roche weakened by 0.4 percent and Novartis slipped 0.2 percent. Shares of Nestlé also fell 0.7 percent.

Swatch was one of the few gainers Monday, with an increased of 0.4 percent. However, rival Richemont declined 0.4 percent. Shares of Actelion also finished the day higher by 0.1 percent.

Biopharmaceutical company Adienne announced that it will file its initial public offering very soon.