Swiss Market Ends Weak Again; Credit Suisse, UBS Slide Again

(RTTNews) - The Switzerland stock market ended on a weak note on Friday, led by losses in banking sector, amid persisting worries about the strength of the banking industry.

The benchmark SMI ended with a loss of 84.50 points or 0.79% at 10,634.04, after scaling a low of 10,561.63 and a high of 10,669.04 intraday.

Credit Suisse lost about 5.2% and UBS Group ended lower by 3.55%. According to a Bloomberg report, Credit Suisse Group and UBS Group are among the banks under scrutiny in a U.S. Justice Department probe for potentially helping Russian oligarchs evade sanctions.

ABB, Sonova, Logitech, Holcim, Sika, Geberit and Alcon lost 2.3 to 3.2%. Lonza Group and Richemont lost 1.93% and 1.83%, respectively.

Novartis and Zurich Insurance Group posted modest gains, while Roche Holding settled flat.

In the Mid Price Index, AMS tumbled more than 8%. Schindler Holding, Zur Rose and Schindler Ps lost 5.75 to 6%.

Temenos Group, Georg Fischer, Belimo Holding and Flughafen Zurich ended lower by 3.6 to 4.7%.

Dufry, Adecco, Straumann Holding and Bachem Holding also ended sharply lower.