The Swiss Stock Market Declined Again As Profit Taking Continues

(RTTNews) - The Swiss stock market pulled back again Tuesday, adding to its losses from the previous trading session. The weakness was again attributed to profit taking and strength in the Swiss franc.

The Euro fell to its lowest level in six weeks against the franc. Uncertainty about the Greek debt crisis caused investors to flee to the safety of the Swiss franc. Greece reportedly will submit a reform package next Monday, favoring structural changes and not austerity measures.

The Swiss Market Index dropped by 0.78 percent Tuesday and finished at 9,292.68. The Swiss Leader Index fell by 0.66 percent and the Swiss Performance Index lost 0.68 percent.

The weak performance of the index heavyweights pressured the overall market Tuesday. Nestle and Novartis both dropped by 1.1 percent. Shares of Roche also declined by 0.9 percent.

Transocean decreased by 3.8 percent. The stock had climbed by 2.4 percent yesterday, due to some positive comments from JP Morgan. Sika sank by 3.3 percent today. The stock was up yesterday following a ruling by the court of Zug. Investors are now unsure if France's Saint-Gobain will continue its efforts to acquire a controlling stake in the company.

Syngenta dropped by 2.4 percent. Yesterday's weakness in shares of U.S. competitor Monsanto weighed on shares of Syngenta. The WHO declared yesterday that it believes a Monsanto product is carcinogenic.

Aryzta also declined by 2.4 percent. Actelion decreased by 1.5 percent, SGS lost 1.2 percent and Givaudan lost 1.1 percent. Schindler also finished down by 1.8 percent.