Swiss stocks swung between gains and losses as better-than-expected earnings at Swatch Group AG offset a bigger-than-expected increase in withdrawals by wealthy clients at UBS AG.

Swatch rose 2.9 percent after forecasting higher sales and profitability this year. UBS, the European bank with the biggest losses from the credit crisis, dropped 2.1 percent.
The benchmark Swiss Market Index, a gauge of the biggest and most actively traded Swiss companies, gained 7.4, or 0.1 percent, to 6,354.54 at 09:32 A.M. in Zurich. The broader Swiss Performance Index added 0.1 percent to 5,483.75.
The benchmark index for Swiss equities has retreated for four straight weeks as concern mounted that Greece, Spain and Portugal will struggle to curb their budget deficits. The SMI has lost 4.2 percent from this year’s high on Jan. 19.
Swatch rose 2.9 percent to 276.3 Swiss francs. The maker of Omega timepieces reported an “excellent start” to 2010 and said it expects higher sales and profitability this year as improving economic growth leads consumers to buy more watches.
(Source: Bloomberg)