Swiss Market Settles Sharply Lower

(RTTNews) - The Switzerland stock market ended sharply lower on Tuesday after staying weak right through the day's session amid concerns about economic slowdown, rising inflation and fears about imminent policy tightening by global central banks.

The benchmark SMI ended with a sharp loss of 193.66 points or 1.55% at 12,281.42, nearly 70 points off the day's low of 12,212.13.

Swiss Re plunged 7.58%. Roche Holding, Lonza Group and Geberit lost 3.54%, 3.2% and 3.1%, respectively. Givaudan and Zurich Insurance Group both ended lower by about 2.4%.

Nestle and SGS both shed about 2%. Swiss Life Holding, Sika and Swisscom closed lower by 1.3 to 1.52%.

ABB, Credit Suisse, Logitech and Alcon gained 1.25 to 1.46%. UBS Group ended 0.81% up.

In the Swiss Mid Price Index, Adecco and SIG Combibloc both closed lower by about 3.1%. Zur Rose, Bachem Holding, Lindt & Spruengli and BB Biotech lost 2 to 2.5%. Baloise Holding, Schindler Holding and Ems Chemie HOlding also ended notably lower.

Temenos Group climbed more than 7%. AMS surged up nearly 3%. Cembra Money Bank, Kuehne & Nagel, Dufry and VAT Group gained 1.5 to 2%.