The Swiss Stock Market Extended Its Losing Streak To 4 Sessions

(RTTNews) - The Swiss stock market ended Thursday's session solidly in negative territory, extending its weakness from the previous three trading sessions. The market had been on a 9-week upward trend before the current trading week began. Over that period of time the Swiss Market had recouped all of its losses after the surprise SNB currency cap decision back in January.

Geopolitical concerns weighed on investor sentiment Thursday. Saudi Arabia and its allies have launched air strikes against the Houthi rebels in Yemen. The news has led to worries about a broader sectarian conflict in the Middle East, as the Saudis consider the Houthi rebels as proxies for Iran.

The Swiss Market Index dropped by 1.15 percent Thursday and finished at 9,082.51. The Swiss Leader Index fell by 1.01 percent and the Swiss Performance Index lost 1.07 percent.

Hocim sank by 2.1 percent. The company announced that it is selling 63.29 million shares of Siam City Cement, Thailand's second-largest cement company.

The index heavyweights all finished in the red Thursday, pressuring the overall market. Roche was the largest decliner of the group, falling by 1.8 percent. Novartis decreased by 1.0 percent and Nestle lost 1.1 percent.

Luxury goods companies turned in a weak performance Thursday. Swatch Group sank by 2.2 percent and Richemont fell by 1.7 percent. Insurance stocks were also under pressure. Zurich Insurance declined by 1.8 percent and Swiss Re lost 1.6 percent.

Transocean was among the best performing stocks today. The concerns over the situation in Yemen triggered an increase in oil prices. Shares of Transocean climbed by 0.7 percent.