The Swiss stock market ended Wednesday's session in negative territory, due to pressure from the weak performance of its most heavily weighted stocks. The market got off to a good start this morning, thanks to optimism surrounding China. The country's new party chief made comments which suggested that its supportive economic policy will remain in place.
However, the market pulled back in the afternoon after some weak economic data was released in the United States. Private sector employment in the U.S. increased by less than expected in the month of November. Concerns over the looming fiscal cliff in the U.S. also dampened the mood of investors.
The Swiss Market Index declined by 0.02 percent Wednesday and finished at 6,852.04. The Swiss Leader Index fell by 0.11 percent, but the Swiss Performance Index gained 0.05 percent.
Among the defensive heavyweights, Nestle was the largest decliner. Shares of Nestle dropped by 0.3 percent, while Novartis lost 0.1 percent. Roche ended the session with a gain of 0.2 percent.
Luxury goods company Richemont declined by 0.3 percent, after Bank Vontobel downgraded its rating on the stock to "Hold" from "Buy." Shares of Swatch also fell by 1.0 percent.
by RTT Staff Writer
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