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The Swiss Stock Market Sank On Global Weakness

The Swiss stock market ended Thursday's session with a substantial loss. After a weak start, the market slid further late in the morning, before settling into a sideways pattern.

The large sell-off on Wall Street yesterday sparked weakness in the Asian markets, which then spilled over into Europe. The U.S. markets have continued to struggle during Thursday's session.

The Swiss Market Index decreased by 2.85 percent Thursday and finished at 8,639.19. The Swiss Leader Index dropped 2.48 percent and the Swiss Performance Index lost 2.64 percent.

The index heavyweights ended the day with heavy losses. Roche sank 3.8 percent, Novartis tumbled 3.6 percent and Nestle lost 2.5 percent.

Financial stocks were also under heavy pressure. Julius Baer weakened by 3.7 percent, UBS declined 3.6 percent and Credit Suisse fell 3.3 percent.

Zurich Insurance decreased 3.8 percent, Swiss Life surrendered 3 percent and Swiss Re dropped 2.6 percent.

Swatch Group fell 1.6 percent and rival Richemont lost 1.6 percent.

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