Swiss stocks plunged across the board on Tuesday to the lowest levels since July 2009, as investors retreated on deep anxiety over public debt in advanced economies. In mid-afternoon trading, the Swiss Market Index of the 20 biggest companies was showing a fall of 3.72 percent to 5,568.04 points, in the first trading day this week after Monday's national holiday.
Bank shares also tumbled, with Credit Suisse falling 6.18 percent to 26.70 francs, UBS losing 5.95 percent to 12.33 francs, and Julius Baer dropping 3.81 percent to 32.33 francs. The Swiss franc, a refuge currency, was meanwhile highly sought after. It reached record high levels against the euro, peaking at 1.0987 franc per euro in the morning and then easing. Against the greenback, it also flirted with its record of 0.7729 franc per dollar.
The biggest loser was temporary staffing giant Adecco. The price of shares in the firm fell by 6.42 percent to 44.46 francs, as investors expressed concern that signs of US economic growth could be slowing. Heavyweight Nestle also dipped 1.17 percent to 49.66 francs.
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