Swiss Market Struggles Despite Hitting New High, Ends Flat
(RTTNews) - The Switzerland stock market ended flat after a choppy session on Thursday, with investors largely refraining from making significant moves, despite most of the markets across Europe moving higher, cheering The European Central Bank's stimulus announcement.
Easing worries about U.S.-China trade dispute too contributed to the uptick in European markets.
After opening flat and edging up a bit, the market slipped and stayed weak till an hour past noon, and despite rallying into positive territory subsequently, faltered and struggled for support till the end.
The benchmark SMI hit a new record, rising to 10,140.93, but eventually ended the session at 10,094.09, with a loss of 4.50 points, or 0.04%.
SGS ended higher by about 1.5%. Swisscom, Givaudan, Zurich Insurance Group, Adecco, Nestle and LafargeHolcim gained 0.4 to 0.9%.
ABB ended modestly higher after the company said it has started construction of a new robotics factory in Shanghai, China, shrugging off concerns about a slowdown in the world's second-largest economy.
Credit Suisse and Richemont both ended lower by about 1.1%. UBS Group declined 0.87%
Swiss Life Holding and Roche Holding also ended notably lower.
Among the stocks in the Mid Price Index, Doma Kaba Holding declined by about 2.5%. GAM Holding and Flughafen Zurich lost 1.55% and 1.29%, respectively.
Straumann Holding, AMS, BB Biotech, Sonova, Swiss Prime Site and Sunrise Communications closed on a firm note.
In economic news, producer and import prices in Switzerland dropped 1.9% year-on-year in August 2019, following a 1.7% decline in the previous month. It was the steepest decrease in producer and import prices since April 2016, amid falls in both import and producer prices.
On a monthly basis, producer and import prices went down 0.2% in August.