Swiss Stocks Tumble On European Economic Malaise

(RTTNews) - Swiss stocks succumbed to afternoon selling selling pressure on Friday, as traders feared geopolitical conflicts could disrupt the global economic recovery.

Also, a reading on German business confidence fell short of expectations, sparking fresh concerns about the pace of euro zone growth.

The Swiss Market Index lost 0.76 percent to 8,571.48, as economically-sensitive luxury product makers like Richemont and Swatch posted notable losses.

Graubuendner Kantonalbank said group profit rose slightly to 88.5 million Swiss francs in the first half of the year. Shares were flat.

Implenia said preliminary figures showed operating income dropped on a one-time adjustment. Shares slipped 3.4 percent.

Sika said profit after tax rose 26 percent. The stock was up 0.8 percent.

Roche was down 0.4 percent, a day after saying first-half net profit fell under pressure from exchange rates.