(RTTNews) – The Swiss stock market ended sharply lower on Monday, in line with European markets, as concerns over slowing growth and a resurgence of Covid cases in China led to widespread selling.
The benchmark SMI, which remained in the red throughout the session, ended with a loss of 173.35 points or 1.41% at 12,084.98. The index hit a low of 12,029.55 a few minutes after the opening bell.
Richemont fell more than 6% and Partners Group ended down 5.6%. Lonza Group, ABB, Swiss Re, Credit Suisse and Sika ended down 3-4.5%.
UBS Group and Swiss Life Holding both lost around 3.7%. Zurich Insurance Group fell 2.3%. Alcon lost 1.7%.
Roche Holding ended down 1.2% despite the company reporting a better-than-expected 10% sales increase in the first quarter due to strong demand for COVID-19 antigen tests.
Holcim rose 1.51%. Givaudan and Nestlé gained 0.78% and 0.72% respectively.
In the average price index, Cembra Money Bank lost around 6%. Swatch Group ended down 4.4%, while Helvetia, Staumann Holding, Tecan Group, Bachem Holding and Baloise Holding lost 3-3.7%.
Julius Baer, Temenos Group, Dufry, Clariant, Georg Fischer and AMS also ended sharply lower.
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