Markets

Swiss Stock Market Spins Its Wheels

(RTTNews) - The Swiss stock market opened in the red on Friday and stayed that way throughout the session, extending losses from the previous day's trade.

The market has now lost more than 36 points in two days after closing higher in the previous four sessions.

The SMI shed 35.90 points or 0.34 percent to finish at 10,493.24 after trading between 10,481.59 and 10,527.81

Among the actives, Julius Barr plunged 1.32 percent, while Credit Suisse tumbled 1.17 percent, Sika skidded 1,00 percent, Lafarge Holcim dropped 0.92 percent, Compangnie Financiere Richemont sank 0.76 percent, Swiss Re advanced 0.74 percent, UBS Group shed 0.66 percent, Swiss Life lost 0.52 percent, Novartis fell 0.30 percent and Roche Holding eased 0.26 percent.

The losses were in line with the rest of Europe ahead of a fresh round of protests in Hong Kong over the weekend. Reports also suggest that China may put the drafters of the Hong Kong Human Rights and Democracy Act on its no-entry list.

Germany's Dax dipped 9.20 points or 0.07 percent to 13,236.38, while London's FTSE tumbled 69.90 points or 0.94 percent to 7,346.53 and the CAC 40 in France fell 7.54 points or 0.13 percent to 5,905.17.

Negative sentiment was also generated by uninspired economic news as the KOF Swiss Economic Institute said that Switzerland's economic outlook is set to remain subdued as its leading indicator unexpectedly dropped to its lowest level since 2015.

The KOF Economic Barometer fell to 93.0 from 94.8 in October, which was revised from 94.8. Economists had expected a score of 95. In September, the reading was 93.1. The barometer is still well below its long-term average, the KOF said.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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