Share values in Switzerland's blue chip companies declined again on Thursday causing the Swiss Market Index to fall to a three year low. Dealers blamed the fall on profit taking and lower stock futures in the United States.
During Thursday's session, the SMI fell 1.73 per cent at 6395.5, the first time the index has fallen beneath the 6400 level since October 1998.
Healthy first-half results from the digital broadcast company, Kudelski, and cement producer, Holcim, failed to prevent the SMI's fall and many analysts see little hope of a recovery until later this year.
Kudelski's first-half net profit fell eight per cent to SFr21.8 million ($12.8 million) because of an increase in operating expenses and the impact of acquisitions but this was generally above analysts' expectations.
swissinfo with agencies