Stock exchange sharply down

The Zurich stock exchange closed sharply down on Monday, reflecting traders' uncertainty over the fate of the US bank rescue plan.

This content was published on September 29, 2008 - 18:50

At the close the Swiss Market Index of the 20 leading companies had lost 4.63 per cent in comparison with Friday.

Banks shares were particularly badly hit, with UBS losing 13.6 per cent at its lowest point in the day. Credit Suisse lost 7.8 per cent and Julius Bär 6.8.

UBS is due to hold an extraordinary general meeting on Thursday, at which it is expected to announce further write-downs.

Other European stock exchanges also fell, as did Wall Street.

Several hours after European exchanges closed, the US House of Representatives rejected the seven hundred billion dollar bailout plan, sending Wall Street tumbling further.

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