Swiss Market Ends On Weak Note
(RTTNews) - Save for a few minutes at the start of the day's session, the Switzerland stock market was down in negative territory on Wednesday with investors choosing to exit several counters amid a lack of positive triggers.
The mood remained cautious with investors looking ahead to the monetary policy announcement from the Federal Reserve.
The benchmark SMI ended with a loss of 84.85 points or 0.75% at 11,200.93, after dropping to a low of 11,180.26.
Novartis ended 2.7% down. The drug major reported sharply lower profit in its fourth quarter on lower sales and the absence of prior year's hefty Roche income.
Roche Holding ended lower by 2.05%. Swiss Re drifted down by about 1.25%. Givaudan, Geberit, Logitech and Nestle posted modest losses.
Credit Suisse gained about 2.6% and Sonova ended nearly 2.5% up. Partners Group, UBS Group, Holcim, Swisscom and ABB ended higher by 0.6 to 0.75%.
In economic news, the Swiss procure.ch and Credit Suisse Manufacturing PMI fell to 49.3 in January of 2023 from 54.1 in the previous month, pointing to the first contraction for Swiss manufacturing since the pandemic-induced slump that ended in July 2020.
The report said production levels fell by 3.9 points to 49.1, while new orders slid by 7.4 points to 43.3 and purchasing volumes sank 5.9 points to 43.6.
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