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Swiss Market Sheds 1.1% On Weak Global Cues
(RTTNews) - The Switzerland stock market ended notably lower on Tuesday, in line with markets across Europe, as rising concerns about the health of the Chinese economy, and interest rate hikes weighed on sentiment.
The benchmark SMI, which remained in negative territory right through the day's session, ended with a loss of 124.89 points or 1.12% at 10,985.22. The index dropped to a low of 10,956.38 about an hour past noon.
Among SMI components, only Logitech and Holcim closed higher, gaining 0.4% and 0.13%, respectively.
Richemont ended 2.4% down. Givaudan dropped about 2.1%, while Sika, Partners Group, Swiss Life Holding, Alcon, Nestle, ABB, Lonza Group and Geberit lost 1.25 to 1.7%.
Roche Holding, Zurich Insurance Group, Swiss Re and Novartis lost 0.8 to 1%.
In the Mid Price Index, Meyer Burger Tech fell 5.6%. Ems Chemie Holding declined nearly 4% and Straumann Holding ended 3.3% down.
AMS, Swatch Group, VAT Group, Temenos Group, Adecco, Georg Fischer, IG Combibloc and Schindler Ps lost 1.6 to 2.9%.
Tecan Group soared nearly 8%. Galenica Sante climbed 4.7%, while DocMorris and Bachem Holding gained 0.98% and 0.85%, respectively.
In economic news, data from the Federal Statistical Office showed the producer and import prices in Switzerland dropped 0.1% from a month earlier in July 2023, after stalling in the previous period.
Producer and import prices in Switzerland dropped 0.6% year-on-year in July 2023, the same pace as in the previous month.
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