Swiss Market Ends Weak For 7th Straight Day

(RTTNews) - Swiss stocks tumbled on Friday, tracking weakness in global markets amid concerns over higher borrowing costs, an escalation in tensions in the Middle East, and rising bond yields.

The benchmark SMI, which stayed in negative territory right through the day's session, ended with a loss of 99.63 points or 0.95% at 10,348.60, extending losses to a seventh straight session.

Swiss Life Holding shed about 3%. UBS Group ended more than 2.5% down. The lender has appointed Roger von Mentlen as the chairman of board of directors of UBS Switzerland AG and Credit Suisse (Schweiz) AG.

Holcim, Partners Group, Lonza Group, Geberit and Swiss Re lost 2.5 to 2.76%.

ABB declined 2.38%. Logitech and Zurich Insurance Group ended lower by 2.19% and 2%, respectively. Kuehne & Nagel, Sonova, Richemont and Givaudan also ended notably lower.

Sika moved higher early on in the session after confirming its FY23 outlook, but pared gains and settled lower by about 0.5%.

Roche Holding ended 0.23% up, and Novartis edged up marginally.

Among the stocks in the Mid Price Index, Meyer Burger Tech, Belimo Holding, Schindler Ps and Schindler Holding lost 3 to 3.4%.

VAT Group and Dufry ended lower by 2.89% and 2.8%, respectively. Julius Baer ended 2.4% down, while SGS, Swatch Group, Helvetia and Baloise Holding lost 1.7 to 2%.

Galenica Sante, Lindt & Spruengli and Clariant posted modest gains.