The Swiss stock market finished solidly lower Wednesday. The SMI fell below the 6,200 point level, but fared better than the rest of the major European markets, due to its defensive alignment.
The market got off to a negative start this morning and accelerated lower in the afternoon. The release of the minutes of the latest monetary policy meeting of the U.S. Federal Reserve on Tuesday dampened hopes for additional stimulus. A disappointing bond auction in Spain also contributed to the negative mood.
The Swiss Market Index fell by 1.47 percent Wednesday and closed at 6,166.79. The Swiss Leader Index declined by 1.96 percent and the Swiss Performance Index finished lower by 1.50 percent.
Economically sensitive stocks were among the hardest hit on Wednesday. Adecco fell by 3.9 percent and Kuehne + Nagel lost 3.4 percent. Clariant declined by 3.2 percent and Holcim closed down by 2.7 percent.
Financial stocks were also among the decliners today. Credit Suisse fell by 3.1 percent and UBS dropped by 2.7 percent. Baloise finished lower by 3.3 percent and Swiss Re decreased by 2.8 percent.
by RTT Staff Writer
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