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Swiss Market Ends On Weak Note After Cautious Session
(RTTNews) - Save for a few minutes around mid-morning, the Switzerland stock market stayed weak on Wednesday as worries about slowing growth amid rising interest rates weighed on sentiment, prompting investors to stay cautious.
The benchmark SMI ended with a loss of 29.02 points or 0.27% at 10,805.16. The index dropped to a low of 10,727.12 around mid afternoon.
Zurich Insurance Group, Swisscom and Swiss Life Holding shed about 1.4%. Nestle drifted down 1.1%.
UBS Group, Credit Suisse and Logitech also closed weak.
Holcim gained 1.1% and Geberit climbed nearly 1%. Alcon, Lonza Group, Richemont, Partners Group and Sika gained 0.4 to 0.6%.
In the Mid Price Index, Bachem Holding ended nearly 4% down. Dufry shed about 3%, while Straumann Holding, Temenos Group and BB Biotech lost 1.4 to 1.7%.
Clariant surged 2%, Cembra Money Bank advanced 1.4%, Kuehne & Nagel climbed 1.3% and Lindt & Spruengli gained 1.15%.
Data released by Swiss National Bank showed foreign exchange reserves in Switzerland increased to CHF 859.6 billion in August from CHF 849.4 billion in July.
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