The Swiss stock market declined during Wednesday's trading session. The market has been rallying to the upside for nearly 3 months and the successful approval of Greek rescue package left investors in a mood to take profits.
The market continues to feel the impact of the steadily rising price of oil. The purchasing managers' index for the euro zone came in at 49.7 Wednesday, which fell short of expectations. The January new home sale result from the U.S. also failed to meet expectations.
The Swiss Market Index dropped by 42 points Wednesday and closed at 6,192, a loss of 0.73%. The Swiss Leader Index fell by 0.97% and the Swiss Performance Index declined by 0.70%.
Financial stocks turned in a weak performance Wednesday. UBS dropped by 3.3% and Credit Suisse lost 1.5%. Julius Baer finished lower by 1.1%. Swiss Re declined by 2.7% due to its financial statement, which was impacted by the high cost of natural disasters.
Cyclicals also finished largely to the downside Wednesday. Nobel Biocare sank by 3.9%, while Clariant lost 2.9%. Logitech fell by 2.9% and Kuehne + Nagel finished lower by 2.4%.
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