Swiss Market Fails To Hold Early Gains, Ends Modestly Lower
(RTTNews) - After a weak start and a subsequent recovery that resulted in a positive spell till about an hour past noon on Wednesday, the Switzerland market fell into negative territory and eventually ended the day's session modestly lower.
Concerns about growth after Fed Chair Jerome Powell's testimony before the Congress signaled more interest rate hikes by the U.S. central bank weighed on the market.
The benchmark SMI ended with a loss of 42.26 points or 0.38% at 11,173.65, slightly above the day's low. The index touched a high of 11,243.96.
Logitech ended 3.56% down. Partners Group declined nearly 3%. Sika, Geberit and Sonova lost 1.6 to 2%.
Zurich Insurance Group, Swisscom, Kuehne & Nagel, Richmont, Alcon and Swiss Life Holding ended lower by 0.7 to 1%.
Holcim climbed 1.32% and Nestle gained about 0.7%.
Among the stocks in the Mid Price Index, AMS tumbled nearly 5%. SIG Combibloc, Tecan Group, Ems Chemie Holding, Belimo Holding and Bachem Holding lost 2.2 to 2.7%.
Temenos Group, Baloise Holding, Helvetia, SGS, VAT Group, Lindt & Spruengli and Schindler Holding ended lower by 1 to 1.7%.
Adecco surged about 2.25% and Flughafen Zurich gained 2%. Dufry advanced nearly 1.5%.
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