Swiss Market Ends Modestly Higher

(RTTNews) - The Switzerland stock market closed modestly higher on Friday with several counters witnessing sustained buying interest amid slightly easing concerns about interest rates after recent data suggested the central banks in the U.S. and Europe might hold their policies steady for now.

The benchmark SMI ended with a gain of 45.71 points or 0.42% at 10,963.50 after scaling a low of 10,948.20 and a high of 11,044.82 intraday.

Richemont gained nearly 2%. Geberit advanced 1.4%, while Sonova, Swiss Life Holding and Partners Group ended higher by 1 to 1.2%.

Sika, Lonza Group and Nestle gained 0.8 to 1%. Logitech, Givaudan and Kuehne & Nagel also ended higher.

Swiss Re, Alcon, ABB and Zurich Insurance Group shed 0.2 to 0.7%.

Among the stocks in the Mid Price Index, AMS rallied 4.25%, rebounding after posting a hefty loss in the previous session. VAT Group and SIG Combibloc gained 3.2% and 3%, respectively.

Tecan Group, Schindler Holding, Schindler Ps, Belimo Holding, Clariant, Barry Callebaut, SGS, Ems Chemie Holding and Adecco gained 1.3 to 2.4%.

Meyer Burger Tech ended 3.3% down, and Swatch Group ended lower by about 1.1%.

On the economic front, a measure signalling future turning points in the Swiss economy decreased marginally in September to the lowest level in four months, the results of a survey by the KOF Swiss Economic Institute showed Friday.

The economic barometer dropped to 95.9 in September from 96.2 in August. Economists had forecast the index to fall to 90.5.

The slight decline is primarily attributable to bundles of indicators from the manufacturing and other services sectors, the KOF said.

On the other hand, positive momentum is evident in the finance and insurance sectors and the construction industry.