Swiss Market Ends Modestly Lower
(RTTNews) - After a weak start, the Switzerland stock market gradually pared its losses as the session progressed on Thursday, but still ended the day on a negative note.
Disappointment over the Federal Reserve not announcing any fresh stimulus, and warnings about the economy by the Fed as well as the Bank of England weighed on the market.
Reports about surging coronavirus cases in several parts across the world hurt as well. Investors were also looking to take some profits after recent gains. Data showing another increase in Switzerland's exports helped limit market's losses.
The benchmark SMI, which dropped to 10,438.61 in early trades, ended the day with a loss of 32.71 points or 0.31% at 10,519.33
Swiss Re, Zurich Insurance Group and Richemont lost more than 1%. ABB and Swiss Life Holding both ended nearly 1% down.
Credit Suisse, UBS Group, LafargeHolcim and Nestle lost 0.5 to 0.8%.
Among the gainers in the SMI index, Alcon moved up 1.85%, Adecco advanced nearly 1.5% and Sika added 1.1%. Lonza Group ended modestly higher.
In the midcap section, Julius Baer slipped about 2.7%. Helvetia and Temenos Group ended lower by 2.3% and 2.1%, respectively. Ems Chemie Holding, Partners Group, VAT Group and Bucher Industries declined 1 to 1.5%.
On the other hand, Dufry gained nearly 2% and Dorma Kaba Holding moved up by about 1.5% and Vifor Pharma advanced 1.1%. Flughafen Zurich and AMS also ended notably higher.
Switzerland's exports rose for the third straight month in August and surpassed the CHF 18 billion mark for the first time since March, data from the Federal Customs Administration showed.
Exports increased by a real 2.9% month-on-month in August, following a 2% rise in July. Imports declined 1.3% monthly in August, after a 0.5% rise in the previous month.
In nominal terms, exports rose 3.7% in August and imports decreased 1.8%. The trade surplus increased to CHF 3.414 billion in August from CHF 2.489 billion in the previous month.
According to the Federation of the Swiss Watch Industry, watch exports declined 11.9% year-on-year in August.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.