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Swiss Market Snaps 3-day Winning Streak, Ends Sharply Lower

The Switzerland stock market ended sharply lower on Friday, snapping a three-day winning streak, as concerns about rising new cases of coronavirus infection in several parts of the globe, and caution ahead of the weekend prompted investors to trim down positions.

The benchmark SMI ended down 207.61 points, or 2.26%, at 8,996.37, nearly 130 points off the session's low of 8,868.05.

The index had gained about 12.3% in the past three sessions.

Swisscom, up marginally, was the lone stock from the Swiss benchmark SMI to end the session on the positive side.

Credit Suisse lost more than 7%. LafargeHolcim ended lower by a litt over 5%. The company withdrew its profit forecast and announced spending cuts to counter the downturn in construction due to the virus outbreak.

UBS Group, Adecco, Zurich Insurance Group and Richemont lost 4 to 5%.

Swatch Group, ABB, Givaudan, SGS, Lonza Group, Alcon and Sika declined 2.5 to 4%.

Roche Group has reportedly struck a deal with Britain to increase the country's coronavirus testing capacity. The stock ended lower by about 1.4%.

In the midcap space, Dufty declined 10.8%. Partners Group, Schindler Holding, VAT Group, Julius Baer, Bucher Industries, Lindt Sp & Ps, OC Oerlikon Corp and Barry Callebaut lost 3 to 5%.

Most of the markets across Europe ended sharply lower. Among the major indices, the U.K.'s FTSE 100 declined 5.45%, Germany's DAX ended down 3.68%, France's CAC 40 closed lower by 4.23%. The pan European Stoxx 600 ended down 3.27%.

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