The Swiss stock market finished solidly to the downside on Wednesday, along with the rest of Europe. The sharp decline reversed the gains from the previous two trading days. Concerns over the situation in Greece were the driving force behind the market's weakness.
Former Greek minister president Lucas Papademos commented on his country's preparations for a withdrawal from the euro, but later qualified his statements in a television interview. Investors will be watching closely for any developments that come from today's meeting between European leaders in Brussels.
The Swiss Market Index declined by 1.56 percent Wednesday and finished at 5,817.91. The Swiss Leader Index fell by 1.84 percent and the Swiss Performance Index lost 1.53 percent.
Shares of luxury goods companies Swatch and Richemont were weak Wednesday. a day ahead of the publication of watch exports. Swatch declined by 4.8 percent and Richemont dropped by 4.2 percent.
Financial stocks were also among the decliners on Wednesday. Credit Suisse decreased by 2.3 percent and UBS lost 1.3 percent. Shares of Julius Baer dropped by 2.7 percent.
by RTT Staff Writer
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