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Switzerland stocks decline as Swatch, Richemont extend losses
[FRANKFURT] Stocks in Switzerland opened lower, extending losses after tumbling the most in 25 years.
Exporters led declines, with the benchmark Swiss Market Index falling 3 per cent to 8,145.05 at 9:06 am in Zurich.
The SMI slid 8.7 per cent yesterday after the Swiss National Bank unexpectedly ended its three-year-old cap of 1.20 franc per euro, spurring a record surge in the franc against the single currency and the highest gain in more than three years versus the dollar.
A strong franc hurts exporters and companies with factories in Switzerland, where shop-floor workers earn some of the highest wages in Europe.
Swiss exporters fell again on Friday. Watchmakers Cie Financiere Richemont and Swatch Group AG, which get the majority of their revenue from outside the nation, slid more than 3 per cent. Holcim Ltd, the world's biggest cement maker, dropped 2.2 per cent.