The Swiss Stock Market Finished Sharply Lower After Turbulent Day

(RTTNews) - The first trading day of the new week proved a volatile one for markets across the globe. The Swiss stock market got off to a weak start Monday, due to continued concerns over a potential hard landing in China. China's benchmark Shanghai Composite index plunged 8.5 percent Monday.

The losses in Switzerland accelerated around midday, following the sharp sell-off on Wall Street when the U.S. equity markets began their trading day. Nervousness among investors was palpable and many believe that the volatility is likely to remain high for a few days.

The Swiss Market Index dropped by 3.75 percent Monday and finished at 8,468.89. The index hit an intraday low of 8,155 points. The Swiss Leader Index dropped by 3.79 percent and the Swiss Performance Index lost 3.69 percent.

Transocean was the top decliner of the session, tumbling by 8.7 percent. The drilling company was under pressure due to the continue decline in crude oil prices.

Clariant and Richemont each lost 5.2 percent. Luxury goods companies dropped on concerns over sales in China. Swatch also finished down by 2.8 percent.

Financial stocks also turned in a weak performance Monday. Credit Suisse decreased by 4.4 percent and Julius Baer surrendered 4.3 percent. UBS also weakened by 3.8 percent.

Swiss Re and Zurich Insurance each dropped by 4.5 percent. According to media reports, Zurich Insurance has requested more time to make an offer for the U.K.'s RSA Insurance. Swiss Life tumbled by 4.1 percent and by Baloise lost 3.8 percent.

The index heavyweights all finished firmly in negative territory Monday. Novartis lost 4.2 percent and Roche declined by 2.6 percent. Nestlé finished with a loss of 3.8 percent. Swisscom also sank by 5.2 percent.