Swiss Market Ends Weak After Cautious Session
(RTTNews) - The Switzerland stock market ended weak on Wednesday, in line with markets across Europe, with investors awaiting the Federal Reserve's monetary policy, and reacting to quarterly earnings updates.
A report showing a drop in Swiss investors' sentiment weighed as well on the market.
The benchmark SMI, which was up in positive territory for a very brief while at the start, ended the day's session with a loss of 47.86 points or 0.43% at 11,183.55, after hitting a low of 11,116.54 intraday.
Richemont, ABB, Lonza Group and Novartis ended lower by 1.1 to 1.5%.
Sonova, Roche Holding, Kuehne & Nagel, Sika and Givaudan lost 0.5 to 0.9%.
Swiss Life Holding, Nestle and UBS Group ended lower by 0.73%, 0.61% and 0.45%, respectively.
In the Mid Price Index, Georg Fischer ended more than 3% down. Meyer Burger Tech dropped 2.9% and SIG Combibloc declined 2.34%.
Temenos Group, Lindt & Spruengli, VAT Group, Schindler Holding and Barry Callebaut also ended notably lower.
DocMorris climbed more than 2%. Flughafen Zurich, Helvetia, Julius Baer, PSP Swiss Property and Belimo Holding gained 0.6 to 1%.
According to the report released by Credit Suisse & CFA Society, Swiss investors' sentiment fell by 1.8 points from the previous month to -32.6 in July of 2023, marking the 17th consecutive negative reading, reflecting that tighter monetary conditions by the SNB are being transmitted.
Analysts noted that prospects for the Swiss economy remain grim amid low demand from the country's main export partners in the EU and North America. In the meantime, the current conditions index fell by 0.8 points to 30.2.
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