The Zurich stock exchange closed sharply down on Monday, reflecting traders' uncertainty over the fate of the US bank rescue plan.
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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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World markets surge on US intervention plans
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Switzerland’s blue chip index climbed 401.92 points to close the week at 7,025.17, although still down 190.33 points compared with seven days ago. Shares in UBS, Switzerland’s largest bank, closed almost 37 per cent higher at SFr21 ($19.11), while Credit Suisse Group finished at SFr56 per share, up 18 per cent. Buoyed by a temporary…
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But despite bankruptcies, emergency sell-offs and state intervention across the Atlantic, Manuel Ammann, head of the Swiss Institute of Banking and Finance at St Gallen University, believes Switzerland’s largest bank is in no immediate danger. On Tuesday UBS shares fell to SFr15.18 ($13.55), an all-time low, and more than 60 per cent down on the…
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