FX.co ★ Swiss Stocks Plunge Again; SMI Loses 2.8%

The Swiss stock market experienced a significant decline on Monday, with widespread selling pressure resulting from mounting concerns of a potential recession in the U.S. and escalating tensions in the Middle East. The benchmark Swiss Market Index (SMI) plummeted by 332.27 points, or 2.8%, concluding at 11,543.25. The SMI hit a low of 11,419.90 in the mid-afternoon before partially recovering.

This follows a 3.59% drop recorded on Friday.

Among individual stocks, Sandoz Group saw a sharp decline of 5.41%, while Roche Holding also fell by nearly 5%. Other notable decliners included Lindt & Spruengli, Swiss Re, Roche GS, Swiss Life Holding, Novartis, Holcim, and Straumann Holding, with losses ranging from 3% to 4.2%.

Several other major companies also faced declines: Alcon, Richemont, SGS, Givaudan, Zurich Insurance Group, Nestle, Partners Group, ABB, Sika, Lonza Group, Swisscom, Schindler Ps, and Sonova each dropped by 2% to 2.9%. SIG Group and Geberit ended the day close to 2% down.

In contrast, VAT Group was the sole gainer among SMI constituents, rising by 0.75%.