(RTTNews) – The Swiss stock market ended Thursday’s session sharply lower, adding to the losses from the previous two days. Falling crude oil prices and concerns over the trade tensions between the U.S. and China following the arrest of the chief financial officer of Huawei Technologies weighed on investor sentiment.
The Swiss Market Index decreased by 3.13 percent Thursday and finished at 8,660.03. The Swiss Leader Index dropped 3.38 percent and the Swiss Performance Index lost 3.01 percent.
Financial stocks were under heavy pressure Thursday. Credit Suisse sank 5.8 percent, Julius Baer tumbled 5.4 percent and UBS dropped 4.9 percent.
Swiss Re and Zurich Insurance declined 3.4 percent each and Swiss Life lost 2.9 percent.
Swatch Group weakened by 3.5 percent and Richemont surrendered 3.2 percent.
Among the index heavyweights, Novartis dropped 3.3 percent, Roche fell 2.7 percent and Nestle lost 2.1 percent.