The Swiss Stock Market Finished Down, But Loss Narrowed In Late Trade

(RTTNews) - The Swiss stock market snapped a two-day winning streak Thursday. The market was under pressure in early trade following yesterday's drop in the U.S. markets and the weak performance in Asia today.

The Swiss stock market ended Thursday's session in the red, but pared its losses in late trade. The late recovery was sparked by the market reversal in the U.S. after a rally in the energy sector.

The Swiss Market Index decreased 1.30 percent Thursday and finished at 8,305.47. The SMI hit an intraday low of 8,175 points. The Swiss Leader Index dropped 1.39 percent and the Swiss Performance Index lost 1.33 percent.

Financial stocks were under pressure Thursday. Credit Suisse sank 3.1 percent, after Societe Generale confirmed its "Sell" rating on the stock. UBS also dropped 1.5 percent due to reports in connection with tax proceedings in Germany.

Richemont fell 1.2 percent. The luxury goods group failed to satisfy expectations for its revenue for the third quarter. The contribution of the jewelry business to revenues was especially weak, but the situation in Asia has shown signs of improvement lately. Swatch ended the session higher by 2.6 percent.

Galenica sank 4.3 percent and Actelion fell 2.6 percent. Adecco weakened by 2.4 percent and Aryzta lost 2.3 percent. LafargeHolcim declined 2.4 percent after JP Morgan downgraded its rating on the cement company to "Neutral" from "Overweight."

The index heavyweights all finished in the red Thursday. Nestlé dropped 1.8 percent and Roche surrendered 1.5 percent. Novartis also finished down 0.3 percent.