Swiss Market Ends Weak
(RTTNews) - The Switzerland stock market ended on a weak note on Thursday, in line with markets across Europe, as rising inflation and a surge in coronavirus cases in several countries weighed on sentiment.
Data showing a drop in Swiss exports in the month of October hurt as well.
The benchmark SMI, which edged up to 12,537.60 in early trades, ended the session with a loss of 46.96 points or 0.37% at 12,553.19.
Logitech declined 2.46% and Holcim ended 2.33% down. Credit Suisse and UBS Group both closed lower by about 1.75%, while Zurich Insurance Group declined 1.1%. Novartis and Roche Holding posted moderate losses.
Sika climbed 2.2%, Givaudan gained 1.26%, Geberit and SGS both advanced by 0.8%, while Lonza Group and Swisscom ended marginally up.
In the Mid Price Index, Julius Baer, Dufry and Zur Rose declined 3.3%, 3% and 2.9%, respectively. VAT Group, Galenica Sante, Cembra Money Bank, Sonova, AMS and Lindt & Spruengli also declined sharply.
Kuehne & Nagel gained 1.33%, while SIG Combibloc, Adecco, Swatch Group and Tecan Group posted modest gains.
Data from the Federal Customs Administration showed Switzerland's exports dropped by a real 1.5% month-on-month in October, after a 0.6% growth in September.
Imports were down 4.4% monthly in October, following a 0.8% decrease in the previous month.
In nominal terms, exports fell 1.4% in October and imports decreased 2.3%.
The trade surplus increased to CHF 4.409 billion in October from CHF 4.328 billion in September.
According to the Federation of the Swiss Watch Industry, watch exports grew 4.8% year-on-year in October.
