The Swiss Stock Market Sank On Concerns Over Turkey

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(RTTNews.com) - The Swiss stock market ended Friday's session with a substantial loss. After getting off to a weak start, the market weakened further as the day progressed.

Like the rest of Europe, the Swiss market was hit by concerns stemming from the banking crisis in Turkey. The Turkish Lira nose-dived against the U.S. dollar in the European session on Friday, plunging to an all-time low, following a news report that the European Central Bank has raised concerns over the impact of a weak lira on European banks.

The Swiss Market Index decreased by 1.25 percent Friday and finished at 9,031.33. The Swiss Leader Index dropped 1.35 percent and the Swiss Performance Index lost 1.25 percent.

Bank stocks were under heavy pressure due to the turmoil in Turkey. Credit Suisse sank 2.4 percent, UBS dropped 2.2 percent and Julius Baer lost 2 percent.

Zurich Insurance fell 1.2 percent, Swiss Life surrendered 1.1 percent and Swiss Re slid 0.7 percent.

The index heavyweights all finished in negative territory. Nestle declined 1.5 percent, Novartis fell 0.9 percent and Roche lost 0.8 percent.

The luxury goods companies were under pressure due to ongoing trade concerns. Swatch Group dropped 2.5 percent and rival Richemont fell 1.6 percent.

Read the original article on RTTNews (http://www.rttnews.com/2925774/the-swiss-stock-market-sank-on-concerns-over-turkey.aspx)

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This article appears in: Politics , US Markets , Stocks
Referenced Symbols: CS ,

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