The Swiss Stock Market Pulled Back Again Monday

(RTTNews) - The Swiss stock market finished in the red again Monday, extending the weakness from the end of the previous trading week. The correction was triggered by a mixture of a massive devaluation of emerging market currencies and growth concerns in China.

The markets are likely to remain volatile until the middle of the week. Investors are looking forward to the upcoming announcement from the Federal Reserve, when it concludes its 2-day policy meeting on Wednesday.

The Swiss Market Index declined by 0.85 percent Monday and finished at 8,132.16. The Swiss Leader Index dropped by 0.82 percent and the Swiss Performance Index lost 0.86 percent.

The index heavyweights all finished in negative territory Monday. Novartis declined by 0.8 percent and Roche dropped by 1.4 percent. Shares of Nestle also fell by 0.7 percent.

Cyclical stocks were among the weakest performers at the start of the new trading week. Lonza declined by 3.3 percent and Syngenta lost 2.6 percent. Sika decreased by 1.4 percent, Clariant by 1.3 percent and Givaudan lost 1.7 percent. Dufry dropped by 2.2 percent, after Goldman Sachs lowered its price target on the stock.