The Swiss Stock Market Ended The Trading Week With A Loss

(RTTNews) - The Swiss stock market ended Friday's session solidly in negative territory. The market got off to a positive start, but quickly slipped into the red and fell below the 8,100 point level in the afternoon. Along with the weak performances of Tuesday and Wednesday, the Swiss market ended the trading week with a significant loss.

There was little important news to drive the market at the end of the trading week. Recent hawkish comments by Fed officials also clouded the outlook for U.S. interest rates. Traders are now uncertain whether a September rate hike remains a possibility or not.

The Swiss Market Index decreased 0.76 percent Friday and finished at 8,127.28. The SMI ended the trading week with an overall loss of 2.0 percent. The Swiss Leader Index dropped 0.81 percent and the Swiss Performance Index lost 0.72 percent.

The index heavyweights all finished in the red Friday. Novartis declined 0.6 percent and Roche fell 0.4 percent. Both stocks suffered a loss of over 2.0 percent this week. Shares of Nestle dropped 0.8 percent Friday.

Julius Baer weakened by 2.1 percent, while LafargeHolcim and Zurich Insurance both surrendered 1.6 percent. Kepler Cheuvreux lowered its rating on shares of Zurich to "Reduce" from "Hold." UBS decreased 1.5 percent and Credit Suisse forfeited 1.3 percent.

Swisscom dropped 1.2 percent, extending its losses from the previous session. Barclays lowered its price target on the stock.

ABB fell 1.2 percent after HSBC downgraded its rating on the stock to "Hold" from "Buy."

Aryzta was the top gainer of the session, with an increase of 2.1 percent. Geberit rose 0.3 percent and Sika added 0.1 percent.