The Switzerland market opened on a negative note on Wednesday and stayed weak right through the day’s session with stocks moving in a tight range.
Fears over a global recession and policy tightening by central banks rendered the mood cautious.
The benchmark SMI ended with a loss of 99.38 points or 0.89% at 11,009.95. The index moved between 11,000.64 and 11,077.77 in the session.
Credit Suisse drifted down more than 3.5%. Lonza Group ended 2.75% down, while Logitech and Nestle ended lower by 2.2% and 2.1%, respectively.
UBS Group, Roche Holding, Richemont, Swiss Life Holding, Sika and Swisscom lost 1 to 1.4%.
Sonova gained nearly 1% and Novartis climbed about 0.6%, while Alcon and Givaudan gained 0.4% and 0.2%, respectively.
In the Swiss Mid Price Index, AMS ended 5.6% down. Temenos Group, Georg Fischer, Adecco, Kuehne & Nagel, Swatch Group, Lindt & Spruengli and Bachem Holding lost 1.4 to 2.3%.
SIG Combibloc surged 2.75% and Straumann Holding advanced 1.8%, while Galenica Sante, Tecan Group, Belimo Holding and Helvetia gained 0.8 to 1%.
On the economic front, Switzerland’s unemployment rate increased slightly in November, in line with expectations, the State Secretariat for Economic Affairs, or SECO, said on Wednesday.
The unadjusted unemployment rate rose to 2% in November from 1.9% in October.
In the corresponding month last year, the jobless rate was 2.5%.
Market Analysis
Swiss Market Ends On Weak Note Again
2022-12-07 18:27:22
