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Swiss Market Fails To Hold Early Gains, Ends Moderately Lower
(RTTNews) - After opening higher and staying positive till noon on Wednesday, the Switzerland stock market turned a bit subdued and moved along the flat line till mid afternoon before drifting lower to end the day's session on a weak note.
Concerns about inflation, higher interest rates and slowing global economic growth weighed on the market.
The benchmark SMI, which advanced to 11,022.49 in early trades, ended the day with a loss of 71.39 points or 0.65% at 10,882.31. The index touched a low of 10,866.59 in the session.
UBS Group shares ended nearly 3% down. Lonza Group and Sonova shed 2.4% and 2.1%, respectively.
Nestle, Swiss Life Holding, Richemont, Swisscom and Zurich Insurance Group lost 1 to 1.8%. Swiss Re, Partners Group, Kuehne & Nagel and Novartis also closed weak.
Logitech climbed 2.8%. ABB and Roche Holding gained 1.5% and 1.16%, respectively.
Among Mid Price components, Straumann Holding declined 5%. AMS ended lower by about 3.1%. Galenica Sante, PSP Swiss Property, Baloise Holding, Helvetia, Tecan Group and SIG Combibloc lost 1 to 1.7%.
VAT Group, Meyer Burger Tech, Swatch Group, Schindler Holding and Schindler Ps gained 1.3 to 2.4%. Flughafen Zurich, Roche Holding and Adecco also posted notable gains.
On the economic front, data from Switzerland UBS & CFA Society showed the Swiss investors' sentiment index rose by 11 points from the previous month to -27.6 in September, the strongest in seven months.
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