Swiss Stocks Close Notably Lower On Growth Worries
(RTTNews) - Swiss stocks drifted lower on Monday amid rising concerns about global economic slowdown and outlook for interest rates. Weak Swiss retail sales data weighed as well.
The benchmark SMI, which dropped to a low of 10,818.80 around late afternoon, ended the session with a loss of 99.85 points or 0.91T at 10,863.65
Alcon, Givaudan, Sonova and Zurich Insurance Group lost 1.7 to 1.9%.
Swiss Re, Geberit, Sika, Swiss Life Holding, Lonza Group and UBS Group ended lower by 1.2 to 1.5%. Roche Holding, Nestle, Partners Group, Holcim, Richemont and Novartis also ended weak.
ABB and Logitech posted modest gains.
In the Mid Price Index, Meyer Burger Tech tanked nearly 10%. Barry Callebaut, BKW, Clariant, Tecan Group, Dufry and Adecco lost 1.7 to 2.4%.
AMS rallied 3.75%. Schindler Ps and Schindler Holding gained 2.4% and 1.9%, respectively.
Data from the Federal Statistical Office showed Switzerland's retail sales declined for the second successive month in August as sales of both food and non-food items contracted.
Retail sales adjusted for sales days and holidays fell a working-day adjusted 1.8% year-on-year in August, following a 2.5% drop in July.
On a monthly basis, retail sales rebounded a seasonally adjusted 0.4% in August versus a 2.4% decline a month ago. In nominal terms, retail sales fell 0.2% annually, while they rose 0.4% monthly in August.
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