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The Swiss Stock Market Slipped Into The Red Thursday

The Swiss stock market closed in negative territory Thursday. The market got off to a positive start this morning, but reversed direction in the afternoon. The turnaround was caused by the weaker than expected U.S. ISM non-manufacturing result and statements made by ECB President Mario Draghi.

The European Central Bank maintained its interest rate at 1 percent as expected. Draghi stated that he expects the downside risks to the economy and the ongoing uncertainty to continue.

The Swiss Market Index fell by 0.18 percent Thursday and closed at 6,097.68. The Swiss Leader Index dropped by 0.20 percent and the Swiss Performance Index lost 0.14 percent.

Shares of Clariant gained 1.2 percent Thursday, following the release of its quarterly earnings. The company also confirmed its outlook for 2012.

The big banks were weak on Thursday. UBS declined by 2.6 percent and Credit Suisse fell by 1.3 percent.

by RTT Staff Writer

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