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Swiss Stocks Extend 4-month Lows

Swiss stocks were down for a fifth consecutive session on Wednesday, with the benchmark SMI Index dropping to its lowest since January.

Investors were spooked by rising Spanish borrowing costs and the likelihood that Greece will exit the euro after voters rejected austerity plans.

The Swiss Market Index (SMI) was 0.70 percent lower at 5936.13 points. The 30 stocks of the Swiss Leader Index (SLI) fell by 0.85 percent to 898.03 points.

Banks and insurers were hammered, with Credit Suisse plunging 6.4 percent. Swiss Life dropped 4.1 percent.

Swiss cement giant Holcim Ltd. reported near flat profit for the first quarter amid negative weather effects in Europe. Shares were down more than one percent.

by RTT Staff Writer

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