Swiss Market Ends Sharply Lower

(RTTNews) - The Switzerland market ended sharply lower on Monday, in line with markets across Europe, as stocks tumbled on severe selling pressure due to rising worries about geopolitical tensions between Russia and Ukraine.

The benchmark SMI, which spent the entire session in negative territory, ended with a loss of 205.60 points or 1.68% at 12,026.37. The index plunged to a low of 11,924.55 around mid morning before regaining some lost ground.

All the components of the SMI ended ended in negative territory.

Swiss Life Holding, Credit Suisse and ABB shed 3.2 to 3.6%. UBS Group declined 2.8%, Swiss Re shed 2.28% and SGS ended 2.1% down.

Zurich Insurance Group, Roche Holding, Lonza Group, Sika, Nestle, Richemont, Logitech, Partners Group and Holcim shed 1.4 to 2%.

In the Swiss Mid Price Index, only Swatch Group closed on a positive note. The stock gained more than 4.5%. PSP Swiss Property ended flat.

Clariant plunged 16%. The Swiss specialty chemicals group delayed the release of its 2021 results as investigators probe whistleblowers' allegations.

Dufty ended 4.7% down, while Julius Baer declined nearly 4%. BB Biotech and Tecan Group closed lower by about 4% and 3.25%, respectively.

Georg Fischer, Helvetia, Cembra Money Bank, Flughafen Zurich, OC Oerlikon Corp, Ems Chemie Holding, Kuehne & Nagel and Baloise Holding lost 2 to 3%.