Swiss Market Extends Recent Losses, Ends 0.75% Down
The Switzerland market failed to hold early gains and ended notably lower on Friday, as stocks fell on selling pressure past mid afternoon. Concerns about inflation and uncertainty about the outlook for interest rates rendered the mood cautious.
The benchmark SMI, which advanced to 11,530.34 around mid morning, ended the day's session at 11,379.58 with a loss of 86.16 points or 0.75%.
Zurich Insurance Group ended down by 3.77%. Richemont lost 3.03%, Givaudan drifted down 2.22%, Sika closed lower by 1.64% and Geberit settled with a loss of 1.49%.
Lonza Group, Alcon, Nestle and Sonova lost 0.7 to 1%. ABB and Roche Holding also closed weak.
Logitech International, Swiss Re, Kuehne & Nagel, Novartis and Swiss Life Holding gained 0.4 to 0.7%.
In the Mid Price Index, Barry Callebaut dropped 5.45%. Avolta, SIG Group, Galenica Sante, ams OSRAM AG and Swatch Group lost 2.4 to 3.6%.
Straumann Holding, Belimo Holding, VAT Group, Ems Chemie Holding, Schindler Ps, Temenos Group and Lindt & Spruengli also ended notably lower.
Sandoz gained nearly 3%. BKW and Meyer Burger Tech both gained about 1.65%. PSP Swiss Property, Swiss Prime Site, Helvetia and Adecco also ended on firm note.
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