Swiss Market Falters After Good Start, Settles Lower

(RTTNews) - The Switzerland stock market ended weak on Thursday, extending losses from previous session. Worries about growth and disappointing results from some big-name companies in the U.S. and Europe rendered the mood weak.

The benchmark SMI ended down 30.65 points, or 0.31%, at 9,877.03. The index, opened with a positive gap of nearly 40 points, at 9,944.81, rose to 10,015.32 before declining to a low of 9,847.37.

On Wednesday, the index ended with a loss of 57.47 points, or 0.58%, at 9,907.68.

Shares of construction chemicals maker Sika shed about 2.6% after the company forecast an increase in sales to more than 8 billion Swiss francs along with double-digit operating profit (EBIT) growth this year. In the first half of the year, Sika's EBIT increased 8.3% to 481.7 million Swiss Franc.

Swatch Group declined 2.2%. ABB ended lower by 2.1% and UBS Group shed about 1.6%.

Credit Suisse declined 1% and Givaudan lost 0.6%, while Nestle, Novartis and Swiss Life Holding ended modestly lower.

Lonza Group, Swisscom and SGS gained 0.4 to 1%.

Midcap stock Clariant lost as much as 9.6% after the company reported net loss of 101 million Swiss francs in its first half, compared to last year's profit of 211 million francs.

GAM Holding ended 3.5% down and Straumann Holding declined 2.1%.

On the other hand, AMS and Doma Kaba Holding gained 3.3% and 3.2%, respectively. Lindt & Spruengli moved up 1.6%.

Among other major indices in Europe, the pan European Stoxx 600 ended down 0.56%. Germany's DAX declined 1.28%, France's CAC 40 ended lower by 0.5% and the U.K.'s FTSE 100 ended 0.17% down.