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Swiss Market Fails To Hold Early Gains, Ends Flat
(RTTNews) - After a positive start, the Switzerland stock market briefly fell into the red around mid morning on Monday, and despite recovering and holding above the flat line till the end of the session, settled flat as investors refrained from making significant moves.
Worries about rising interest rates and their impact on global economic growth continued to hurt sentiment.
After raising interest rate by 50 basis points last week, the Swiss National Bank said rate hikes will continue in the coming months.
The benchmark SMI, which climbed to 10,837.94 in early trades, ended the session with a small gain of 2.85 points or 0.03% at 10,773.23.
Credit Suisse, Sonova and Lonza Group ended lower by 1.6%, 1.3% and 1.2%, respectively.
Givaudan, Partners Group and Geberit lost 0.8 to 1%. Swiss Life Holding, Swisscom, Sika and Roche Holding ended modestly lower.
UBS Group surged nearly 1.5%. Holcim and Nestle advanced 0.75% and 0.71%, respectively. Alcon, Logitech and Swiss Re gained about 0.5%.
In the Mid Price Index, Dufry gained 1.12% and Schindler Holding ended nearly 1% up. Barry Callebaut, Schindler Ps and Flughafen Zurich gained 0.75 to 0.83%.
Belimo Holding and Straumann Holding lost 2% and 1.91%, respectively. VAT Group, SIG Combibloc and Bachem Holding lost 1.1 to 1.6%.
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