Swiss Market Ends Marginally Down
(RTTNews) - Save for a few minutes around mid morning, and for a brief while in the final hour, the Switzerland market remained in negative territory on Wednesday as investors stayed reluctant to make significant moves ahead of policy announcements from the Federal Bank and Swiss National Bank.
The Swiss National Bank is widely expected to cut its main policy rate by 25 basis points on Thursday.
According to a Reuters survey, a near 90% majority of economists predicted the SNB will cut its key interest rate by 25 bps on Thursday to 0.25%.
The benchmark SMI ended down 21.19 points or 0.16% at 13,040.92, after moving in a tight band between 12,996.18 and 13,071.51.
UBS Group, Swisscom, Sandoz Group and Roche Holding lost 1 to 1.6%. Straumann Holding and Julius Baer, both ended nearly 1% down.
Nestle, Adecco, Sika, SIG Group, Novartis and Partners Group also closed weak.
ABB climbed 2.82%. Swatch Group gained nearly 1.5%, while Logitech International, Richemont, Kuehne + Nagel, VAT Group, Zurich Insurance Group, Lonza Group and Holcim advanced 0.35 to 1%.
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