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Swiss Market Ends Lower For 3rd Straight Day

The Switzerland stock market ended lower on Thursday, extending losses to a third straight session.

Concerns about global growth and the spat between the European Union and Switzerland following the recent decision by Brussels to strip the exchange of financial equivalence appeared to have weighed on the market.

The benchmark SMI ended down 58.03 points, or 0.58%, at 9,879.53, after moving between 9,866.55 and 9,956.88.

On Wednesday, the index ended down 23.78 points, or 0.24%, at 9,937.56, after losing 0.33% a session earlier.

Shares of chemicals major Sika tumbled 4% after UBS downgraded the stock from "neutral" to "sell."

Roche Holding ended lower by about 1.75%. Novartis, Adecco and Nestle shed 0.7 to 1%.

Richemont ended stronger by about 1.55%. Credit Suisse and Lonza Group both ended higher by 1%, while Alcon moved up 0.6%.

Among midcap stocks, OC Oerlikon Corp declined more than 4%, Georg Fischer ended 2.1% down and BB Biotech eased by 1.5%. Julius Baer, EMS Chemie and Schindler Holding lost 1 to 1.2%.

AMS gained about 2.4%. Baloise Holding, Barry Callebaut and Sonova also closed with notable gains.

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