The Swiss stock market pulled back on Monday, along with the rest of the European markets. Investor concerns over Spain and Greece dragged the markets lower. Spain announced a ban on short sales of stocks for three months, while Italy banned short sales of stocks in the financial sector for one week.
There was increased fear that Greece will withdraw from the Eurozone. The International Monetary Fund has signaled that it may not participate in further economic assistance for Greece. German Vice Chancellor Philipp Roesler said if Greece does not meet the obligations, then there can be no more payments.
The Swiss Market Index fell by 1.66 percent Monday and closed at 6,180.44. The Swiss Leader Index declined by 2.09 percent and the Swiss Performance Index lost 1.71 percent.
Julius Baer was one of the few bright spots of Monday's session, finishing with a gain of 0.8 percent. The company reported results for the first half of the year that exceeded expectations.
The remainder of the financial stocks were under pressure. Credit Suisse dropped by 2.4 percent. Berenberg initiated the stock with a "Sell" rating. UBS lost 2.3 percent and shares of Swiss Life declined by 5.3 percent.
by RTT Staff Writer
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