Sept. 23 (Bloomberg) -- Swiss stocks climbed for the third time in four days as Group of 20 finance chiefs pledged to address rising risks to the global economy.
UBS AG, Switzerland’s largest lender, gained 4.8 percent. ABB Ltd., the world’s biggest maker of power-transmission gear, dropped 1.6 percent. Petroplus Holdings AG, Europe’s biggest independent refiner, slid to its lowest price in six weeks.
The Swiss Market Index of the largest and most actively traded companies increased 0.2 percent to 5,298.83 at the 5:30 p.m. close in Zurich. The gauge has still declined 21 percent from this year’s high on Feb. 18 as the Swiss franc’s strength curbed exports and concern mounted that the global economic recovery is stalling. The broader Swiss Performance Index was little changed.
Policy makers are “committed to a strong and coordinated international response to address the renewed challenges facing the global economy,” G-20 finance ministers and central bank governors said in a statement late yesterday in Washington. Many urged Europe to implement a July promise to expand the powers of a rescue fund, Japanese Finance Minister Jun Azumi said.
“After the strong selloff yesterday, I think we will move sideways,” said Konstantin Giantiroglou, the head of investment advisory at Neue Aargauer Bank in Brugg, Switzerland. “I don’t think that, on a Friday, investors want to take risks over the weekend.”
The European Central Bank may act to address risks to growth as soon as next month should economic data disappoint, Governing Council member Luc Coene said.
‘‘The ECB has never ruled out things beforehand,’’ Coene, who heads the Belgian central bank, said in an interview in Washington late yesterday when asked if an interest-rate cut were warranted. ‘‘If the data in early October shows that things are worse than we anticipated we will look at the kind of decisions we have to take for that.’’
UBS rose 4.8 percent to 10.12 Swiss francs and Credit Suisse Group AG gained 1.6 percent to 21.28 francs.
Health-care companies climbed as Roche Holding AG gained 0.9 percent to 136.60 francs and Actelion Ltd., the maker of pulmonary arterial hypertension drugs, rallied 2.5 percent to 29.59 francs. Nobel Biocare AG, the second-biggest maker of dental implants by sales, rose 1.4 percent to 8.01 francs.
ABB dropped 1.6 percent to 15.16 francs as a gauge of industrial goods and services companies was the worst performer of the 19 industry groups in the Stoxx Europe 600 Index. Georg Fischer AG, the machinery maker, lost 1.6 percent to 302 francs.
Sulzer AG, the Swiss engineering company, fell 2.3 percent to 94.55 francs as Oliver Girakhou, an analyst at CA Cheuvreux cut the stock to ‘‘outperform’’ from ‘‘select list.’’
Petroplus slid 1.9 percent to 5.21 francs as Standard & Poor’s downgraded the company to B from B+, citing the ‘‘difficult’’ outlook for Europe’s refining sector that raises concern the company may be unable to generate free operating cashflow.
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