The Swiss Stock Market Pulled Back In Late Trade & Finished Down

(RTTNews) - The Swiss stock market ended the last session of the trading week solidly to the downside. The market fluctuated around yesterday's closing level for much of the day, but sold-off in the afternoon. The weak performance of the U.S. equity markets and the disappointing U.S. new home sales report pressured the Swiss market.

Officials from the European Commission, the European Central Bank and the International Monetary Fund will meet in Athens today to start detailed discussions with the Greek government on a new bailout deal. Investors are also looking forward to next week Wednesday's FOMC announcement for news regarding when it will begin to increase U.S. interest rates.

The Swiss Market Index declined by 0.62 percent Friday and finished at 9,322.97. The intraday high was 9,422 points. The SMI ended the trading week with an overall loss of 1.3 percent. The Swiss Leader Index fell by 0.69 percent Friday and the Swiss Performance Index lost 0.63 percent.

Sika dropped by 1.3 percent Friday, despite its better than expected report for the first half of the year. The stock was under pressure due to uncertainty surrounding the proposed takeover plan by Saint Gobain. Sika shareholders have rejected several proposals designed to facilitate the completion of the deal. An attempt to replace Sika Chairman Paul Hälg with Max Roesle was among the proposals that was rejected.

The index heavyweights all finished to the downside, which pressured the overall market. Nestle and Roche both dropped by 0.8 percent each and Novartis fell by 0.3 percent. Novartis announced that the U.S. FDA has approved Odomzo, for the treatment of locally advanced basal cell carcinoma.

Credit Suisse pulled back by 0.9 percent Friday, following yesterday's 6 percent increase. Goldman Sachs, JP Morgan and Morgan Stanley all increased their respective price targets on the stock. UBS also dipped by 0.4 percent.

Aryzta and ABB both decreased by 2.0 percent each Friday and Swiss Life lost 1.8 percent. ABB reported results for the first half of the year on Thursday.

Galenica was among the few gainers, with an increase of 0.7 percent. Julius Baer and Syngenta both finished higher by 0.3 percent each.

Leonteq surged by 9.7 percent Friday, adding to its gain of over 3 percent on Thursday. The company reported a strong increase in its profit for the first half of the year yesterday.