The Swiss market closed significantly lower on Wednesday, reflecting weakness in global markets due to growing concerns about economic slowdowns in the U.S. and China.
The benchmark SMI dropped by 172.02 points, or 1.39%, finishing at 12,176.17. During the session, the index hit a low of 12,133.05.
Among the hardest-hit stocks, Richemont plummeted 5.8%, while Logitech International and Swatch Group fell by 4.17% and 3.63%, respectively. VAT Group also declined by 2.83%.
Other notable laggards included ABB, Schindler Ps, Nestlé, Geberit, Straumann Holding, Alcon, UBS Group, Holcim, Sika, Lindt & Sprüngli, and Julius Baer, with losses ranging from 1.2% to 2.2%.
Partners Group, Swiss Life Holding, Sandoz Group, SIG Group, Roche GS, Swiss Re, and Lonza Group also saw significant declines.
Both SGS and Givaudan concluded the session down by 1%.
