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Banks lead stock market rally

Switzerland's blue chip index, the Swiss Market Index (SMI), closed 6.27 per cent higher on Monday, thanks to large gains by the big banks, UBS and Credit Suisse.

The UBS share price ended the day’s trading at SFr13.78 ($11.50) or 21 per cent higher than on Friday, while Credit Suisse’s shot up 16 per cent.

One trader told the Reuters news agency that comments made by the head of Switzerland’s banking commission in a Sunday newspaper “turned on the turbo-engines” of UBS and Credit Suisse.

Daniel Zuberbuehler said he would not rule out that UBS might need more government aid to survive the financial crisis.

The share prices of Switzerland’s big insurance and reinsurance companies also ended Monday much higher up.

Zurich jumped seven per cent and Swiss Re saw its share value increase by ten per cent.

Another trader said Monday’s recovery might be a sign that the end of falling prices may be near, increasing chances of a Christmas rally.

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SWI - a branch of Swiss Broadcasting Corporation SRG SSR

SWI - a branch of Swiss Broadcasting Corporation SRG SSR