The Swiss stock exchange reported further losses on Tuesday , with banks – notably UBS – and insurance companies particularly hit.
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The share price of Switzerland’s largest bank had fallen by more than 20 per cent in late afternoon trading to about SFr16 ($14.4) after losing 14.5 per cent in value on Monday.
UBS shares have lost more than 65 per cent of their value this year and are down 34 per cent in the past week alone.
Shares were also down at Credit Suisse (about seven per cent) and at Bank Julius Bär (more than three per cent), as markets around the world continued to react to the collapse of the Lehman Brothers investment bank and to problems at the AIG insurance company in the United States.
The share price of the world’s largest reinsurance company, Swiss Re, also took a hammering, falling by 15 per cent, while falls were also recorded at other insurance companies listed on the Swiss Market Index of blue chips – Bâloise, Swiss Life and Zurich Financial Services.
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The Swiss Market Index (SMI) rallied at the end of Monday to close down nearly four per cent. Shares in Switzerland’s largest bank, UBS, dropped 15 per cent while Credit Suisse and other banks also dived. Stock markets around the world sank into the red as panic set in about the bankruptcy of US investment…
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Switzerland’s second-largest bank says it also has net writedowns of SFr5.3 billion for the first three months of the year. It was the bank’s first quarterly loss in five years and almost three times what analysts had expected. Credit Suisse said in March it was unlikely to post a profit in the first quarter because…
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Peter Kurer also believes Switzerland’s largest bank will be profitable again next year. UBS is Europe’s hardest hit victim of the current credit crisis, having written down about $42 billion (SFr46 billion) of investments. Last week, the group announced a second-quarter loss of SFr358 million at the same time as separating its investment banking, asset…
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If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.