Swiss Shares Extend Losing Streak
(RTTNews) - The Swiss stock market was down again on Wednesday, spending the entire session under water and tracking most of the major European bourses to the downside.
The SMI has now fallen lower in four straight sessions, slumping more than 360 points or 3 percent in that span.
Amid escalating tensions between Iran and Israel, the Strait of Hormuz, a critical global oil route, has become a focal point of concern. Investors remain worried that disruption of oil flows through this narrow strait could hit global economy hard.
For the day, the index dropped 47.59 points or 0.40 percent to finish at 11,959.47 after trading between 11,918.09 and 11,999.70.
Among the actives, UBS Group stumbled 2.44 percent, while Swisscom jumped 1.17 percent, Roche Holding slumped 0.96 percent, Julius Bar Gruppe skidded 0.92 percent, Novartis dropped 0.63 percent, Zurich Insurance sank 0.50 percent, Swiss Life collected 0.30 percent, Swatch Group rose 0.26 percent and Adecco Group was unchanged.
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