Swiss Market Ends On Weak Note
(RTTNews) - After staying about the flat line till about mid morning, the Switzerland stock market slipped into negative territory on Thursday and remained weak till the end of the day's session as worries about economic slowdown and inflation weighed on sentiment.
The benchmark SMI ended with a loss of 86.56 points or 0.83% at 10,391.13. The index, which advanced to 10,525.38 in early trades, touched a low of 10,358.78 later on in the session.
UBS Group and Swiss Re both ended lower by nearly 2.5%. Zurich Insurance Group shed nearly 2% and Swisscom lost 1.7%.
Holcim, Sonova, Swiss Life Holding and Novartis ended lower by 1 to 1.46%. Roche Holding, Sika and Nestle also closed notably lower.
Credit Suisse rallied 2.6% after JP Morgan upgraded its rating on the stock to "neutral" from "underweight".
Lonza Group and Logitech ended modestly higher, while Partners Group edged up marginally.
In the Mid Price Index, Temenos Group, Belimo Holding, Julius Baer, Galenica Sante, Swatch Group, SIG Combibloc, Clariant and Adecco ended lower by 1.6 to 2.1%.
Tecan Group surged nearly 3%. Straumann Holding, VAT Group, PSP Swiss Property and Bachem Holding gained 1 to 1.5%.
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