Stocks rise and fall, end in the red
Stock exchange closed in the red on Thursday despite a late-afternoon rally that brought the Swiss Market Index up considerably from its low-point of the day.
The index, which tracks leading blue chip companies, closed at 5,894 points, down 0.54 per cent.
The biggest loser of the day was ABB in the advanced industrial equipment sector. The company’s shares began a heavy downward slide shortly after 12 p.m. to end at SFr13.75 ($11.86) a share, down 18.45 per cent.
Shares in Credit Suisse, UBS and Julius Baer also had dismal days. Credit Suisse ended 4.2 per cent down at SFr44.60 a share. UBS saw its shares tumble 4.7 per cent to SFr16.50 while Julius Baer closed 6.7 per cent in the red at SFr41.98 a share.
The exchange managed to punch through the 6,000-point barrier in the morning before tumbling below 5,800 points hours later on recession fears and gloomy financial forecasts across Europe and the United States.
The market then regained some ground in the final hours of trading.
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