Coronavirus decimates Swiss stocks

The Swiss Market Index (SMI) ended Thursday down 9.64% on 8,270 points, having broken the 10% mark just before the close of trading. There was red across the board, with banks and insurance companies doing the most damage.  Credit Suisse finished the day down 16%, Swiss Re down 15.6%, Swiss Life down 14.8% and UBS down 13.2%.  A similarly large intraday loss was last seen in 2015, when the Swiss National Bank (SNB) scrapped a cap on the euro exchange rate. The SMI, first published on July 1, 1988, did not exist during the biggest stock market crash of the post-war period on October 19, 1987, when speculation on interest rate hikes caused the Dow Jones Index on Wall Street to collapse by 23%.  The following is an overview of the SMI’s highest percentage losses since then:  The 1990s and 9/11   October 16, 1989: The SMI falls by 11%, following Wall Street, where financing difficulties in a company sale trigger a crash.  August 19, 1991: A coup against the then Soviet …

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