"A decision for a second rescue package would have a positive impact on stock markets"
- Kai Fachinger, a fund manager at SAM Sustainable Management AG
Swiss stocks edged slightly higher on Monday, led by UBS AG and Credit Suisse Group AG, the nation's largest lenders amid hopes Euro area finance ministers will approve a second bailout package for Greece.
The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies rose by 0.08%, or 5.3 points, to 6,242.99. The broader Swiss Performance Index added 0.19%, or 10.92 points, to 5,664.49.
"A decision for a second rescue package would have a positive impact on stock markets," said Kai Fachinger, a fund manager at SAM Sustainable Management AG in Zurich.
"However, investors don't fear a Greek default as much as last year as there's an improved capital situation for banks. China provides for a positive sentiment, as the prospect of a hard landing is very unlikely for now."
© Dukascopy Bank