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Swiss Market Ends Marginally Down
(RTTNews) - After an early sharp drop, the Switzerland market recovered some lost ground Monday morning, but stayed in negative territory right through the day's trading session, as investors largely stayed cautious, waiting for directional clues.
The benchmark SMI, which touched a low of 11,612.00 in early trades, settled at 11,818.63, down 17.37 points or 0.15% from previous close.
Straumann Holding climbed 4.1%. Swisscom gained about 2.75%. Zurich Insurance and Swiss Re, both closed stronger by about 1.3%.
Swiss Life Holding, Geberit, Givaudan and Novartis closed higher by 0.4 to 1%.
Adecco ended down 3.1%. Swatch Group settled 2.28% down and Logitech International lost nearly 2%.
Julius Baer, Sika, Richemont, Alcon, Lonza Group, Lindt & Spruengli and Sandoz Group ended down 1 to 1.5%.
In economic news, Switzerland's consumer prices increased for the second straight month in July, data release by the Federal Statistical Office showed.
The consumer price index rose 0.2% annually in July, following a 0.1% rebound in June. Economists had expected a stable rise of 0.1%.
Prices for housing and energy grew 1% annually in July, and expenses for hotels and restaurants were 1.6% higher. Meanwhile, costs for food and non-alcoholic beverages dropped 0.6%, and transport charges were 2.4% cheaper.
Excluding food and energy, core inflation rose to 0.8% from 0.6% a month ago.
Month-on-month, consumer prices remained flat in July versus a 0.2% increase in June.
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