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(Bloomberg) -- Stocks in Switzerland opened lower, extending losses after tumbling the most in 25 years.

Exporters led declines, with the benchmark Swiss Market Index falling 3 percent to 8,145.05 at 9:06 a.m. in Zurich.

The SMI slid 8.7 percent yesterday after the Swiss National Bank unexpectedly ended its three-year-old cap of 1.20 franc per euro, spurring a record surge in the franc against the single currency and the highest gain in more than three years versus the dollar.

A strong franc hurts exporters and companies with factories in Switzerland, where shop-floor workers earn some of the highest wages in Europe.

Swiss exporters fell again today. Watchmakers Cie. Financiere Richemont and Swatch Group AG, which get the majority of their revenue from outside the nation, slid more than 3 percent. Holcim Ltd., the world’s biggest cement maker, dropped 2.2 percent.

To contact the reporter on this story: Alan Soughley in Frankfurt at asoughley@bloomberg.net To contact the editors responsible for this story: Cecile Vannucci at cvannucci1@bloomberg.net Alan Soughley

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The citizens' meeting

The citizens' meeting

The citizens' meeting