The Swiss Stock Market Snapped A 3-Day Winning Streak

(RTTNews) - The Swiss stock market ended Thursday's session to the downside, logging its first decrease of the trading week. The market got off to a weak start, but managed to turn positive around midday. However, the market slipped back into negative territory on weakness ahead of the open of the U.S. markets and some disappointing U.S. economic data.

The volatility of recent weeks persists and is likely to continue until late next week. Uncertainty about when the Federal Reserve plans to begin raising interest rates continues to plague the markets. The Federal Reserve will conclude its monetary policy meeting next week Thursday. Meanwhile, the Bank of England kept its record low interest rate unchanged today.

The Swiss Market Index declined by 1.05 percent Thursday and finished at 8,778.76. The intraday low was at 8,766 points. The Swiss Leader Index dropped by 1.05 percent and the Swiss Performance Index lost 0.94 percent.

The luxury goods companies were under pressure, after weak economic data from China brought concerns about the slowdown in the country back into focus. Swatch declined by 2.1 percent and Richemont weakened by 2.3 percent.

ABB was dropped by 2.3 percent, after it held its Capital Markets Day. Goldman Sachs raised its price target on the stock, but has a "Sell" rating on the shares.

Swisscom decreased by 2.1 percent. The Competition Commission is reviewing the company's joint venture with Ringier and SRG.

Transocean fell by 3.1 percent, after U.S. government data showed a larger than expected increase in crude oil inventory.

Sika weakened by 1.4 percent and LafargeHolcim lost 1.3 percent. Julius Baer tumbled by 1.9 percent, UBS surrendered 1.3 percent and Credit Suisse fell by 1.6 percent.

The index heavyweights all finished in the red, which pressured the overall market. Roche declined by 1.1 percent and Novartis lost 1.0 percent. Nestle also finished lower by 0.6 percent. Jeffries confirmed its "Buy" rating on shares of both Roche and Novartis.

Actelion ended the session with a gain of 1.9 percent. The stock was up by over 3 percent at its session high. There was no news to drive the stock higher, but it has been mentioned as a takeover candidate. Shares of Lonza also rose by 1.4 percent.