The Swiss stock market lost ground at the beginning of the new trading week, as investors took profits. The market was under pressure in early trade, after the disappointing German Ifo business sentiment report. The difference of opinion between Germany and France over banking regulation and ongoing concerns about Chinese growth also had a negative impact.
Growth concerns in China were triggered again after Song Guoqing, an academic adviser to the People's Bank of China, said he saw no signs of a rebound in the third quarter and domestic investment is unlikely to expand dramatically in the short term.
The Swiss Market Index fell by 0.13 percent Monday and finished at 6,597.22. The Swiss Leader Index declined by 0.32 percent and the Swiss Performance Index lost 0.16 percent.
Shares of cyclicals stocks were under pressure Monday. Lonza led the way, with a loss of 2.4 percent and Schindler fell by 1.6 percent. Geberit decreased by 1.3 percent and Adecco lost 1.2 percent.
Financial stocks also finished in negative territory at the start of the new trading week. Credit Suisse declined by 2.0 percent and UBS fell by 1.1 percent. Swiss Life was the largest decliner among the insurers, with a loss of 2.1 percent.
by RTT Staff Writer
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