The Swiss Stock Market Pulled Back As Defensive Heavyweights Fall

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(RTTNews.com) - The Swiss stock market got off to a weak start Thursday and remained stuck in a sideways pattern throughout the session. The weak performance of the index heavyweights pressure the overall market.

The Swiss Market Index decreased by 0.33 percent Thursday and finished at 9,145.68. The Swiss Leader Index dropped 0.17 percent and the Swiss Performance Index lost 0.16 percent.

Staffing firm Adecco dropped 2 percent after its second quarter net profit fell to 170 million euros from 192 million euros last year.

Zurich Insurance gained 0.3 percent. The company reported a 19 percent increase in first-half profit, helped by lower expenses and improved underwriting in its property and casualty business.

The index heavyweights all finished with modest losses Thursday. Roche weakened by 0.8 percent, Novartis surrendered 0.5 percent and Nestle lost 0.2 percent.

ABB was another notable loser, falling 1 percent.

Credit Suisse declined nearly 1 percent and UBS slid 0.3 percent. Meanwhile, Julius Baer finished higher by 0.1 percent.

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This article appears in: US Markets , Stocks

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