Swiss Market Ends Weak
(RTTNews) - The Switzerland stock market ended on a weak note on Thursday after languishing in negative territory right through the day's session.
Despite data showing a bigger-than-expected drop in Swiss consumer price inflation, worries about rising interest rates and slowing economic growth rendered the mood bearish.
The benchmark SMI ended with a loss of 95.64 points or 0.89% at 10,710.59. The index touched a high of 10,741.52 and a low of 10,633.38 in the session.
Geberit ended 7.48% down. Alcon, Givaudan, Lonza Group and Sika ended lower by 3 to 4%.
Sonova drifted down 2.8%, while Logitech, Partners Group, Richemont and Swisscom lost 1.4 to 2.2%.
Holcim climbed 1.8%. Zurich Insurance Group ended modestly higher, while UBS Group and Novartis edged up marginally.
In the Swiss Mid Price Index, Zur Rose tanked 16.6%. Temenos Group ended 4.51% down, while VAT Group, Belimo Holding and Straumann Holding ended lower by about 3.5%.
Tecan Group, Kuehne & Nagel, Georg Fischer, SGS and Swatch Group also declined sharply.
Data from the Federal Statistical Office showed Switzerland's consumer price inflation eased more-than-expected in October to reach its lowest level in five months.
Consumer prices rose 3% year-on-year in October, slower than the 3.3% increase in September. Economists had expected inflation to drop fractionally to 3.2%.
Further, this was the lowest inflation rate since May, though well above the Swiss National Bank's 0-2% target range.
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