Swiss Market Ends Sharply Lower

(RTTNews) - The Switzerland stock market ended sharply lower on Friday, in line with markets across Europe, as concerns about the potential fallout from the implosions of Silicon Valley Bank (SVB) and Silvergate Capital weighed on sentiment.

Concerns about more interest rate hikes by the Federal Reserve hurt as well.

The benchmark SMI ended with a loss of 183.59 points or 1.68% at 10,765.26, nearly 50 points off the session's low of 10,720.08.

All the components of the SMI index ended in negative territory.

Partners Group tumbled more than 6%. Credit Suisse, UBS Group, ABB, Alcon, Logitech and Zurich Insurance Group drifted down 3 to 5%.

Swiss Re, Geberit, Sika, Givaudan, Sonova and Swiss Life Holding lost 2 to 2.7%.

In the Mid Price Index, Tecan Group and Bachem Holding lost 7.1% and 6.8%, respectively.

Julius Baer, VAT Group, Straumann Holding, Zur Rose, SIG Combibloc, AMS, Temenos Group, Dufry, Schindler Holding and Schindler Ps ended lower by 2 to 4.5%.

Flughafen Zurich and Adecco, up 0.52%, and 0.35%, respectively, were the gainers in the Mid Price Index.