Swiss Market Halts Three-Day Winning Streak

(RTTNews) - The Swiss stock market on Wednesday ended the three-day winning streak in which it had advanced more than 190 points or 1.8 percent.

The SMI opened in the red, saw a brief rally midday but then sank bank to finish in negative territory.

The market was dragged into the red when Geneva-based Societe Generale de Surveillance (SGS SA) lost 95.91 percent of its value, with its stock price plummeting from CHF1,978.54 to CHF84.46.

For the day, the index slumped 33.31 points or 0.30 percent to finish at 11,231.99 after trading between 11,216.73 and 11,309.55.

Among other market components, Zurich tumbled 5.48 percent, while Swatch Group declined 4.00 percent, Credit Suisse soared 3.23 percent, ABB jumped 1.27 percent, Julius Bar Gruppe sank 0.68 percent, Roche Holding added 0.64 percent, UBS Group gained 0.42 percent, Swiss Life rose 0.17 percent and Novartis dipped 0.12 percent.