"Witnessing a consolidation after the strong upmove we've seen in the past weeks doesn't come as a surprise"
- Peter Buergler, a trader at Luzerner Kantonalbank AG
Swiss stocks extended losses on Tuesday, led by decline in financial shares.
The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies, retreated 0.48%, or 30.40 points, to 6,296.16. The broader Swiss Performance Index erased 0.53%, or 30.93 points, to 5,774.11.
"Witnessing a consolidation after the strong upmove we've seen in the past weeks doesn't come as a surprise," said Konstantin Giantiroglou, head of investment advisory at Neue Aargauer Bank AG in Brugg, Switzerland.
"The U.S. housing numbers came out a tad worse than expected last month, but considering the previous month's upward revision, it's nothing that will rattle the market. Investors still see a recovery in the housing market."
© Dukascopy Bank