The Switzerland stock market started off on a slightly sluggish note on Friday, but gained in strength as the session progressed and hit a new record high, and eventually ended on a buoyant note.
Data showing the country’s economic barometer to have climbed to a new record high in April, and news about re-opening of businesses lifted sentiment.
The benchmark SMI, which scaled a new peak at 11,443.97, ended the session with a gain of 85.88 points or 0.76% at 11,426.15.
Swatch Group gained 3.2%. Richemont climbed nearly 2.5% and Alcon ended about 2% up. Lonza Group, Partners Group and UBS Group gained 1.5 to 1.75%.
Zurich Insurance Group, Geberit, Credit Suisse, Roche Holding, Swiss Life Holding, Sika and Givaudan also closed on firm note.
Among the stocks in the Swiss Mid Price Index, Tecan Group ended stronger by 3.35%. Sonova, AMS, Temenos Group, BB Biotech, Dufry, Galenica Sante, Vifor Pharma, Julius Baer, Adecco and Logitech gained 1 to 2.5%.
Lindt & Spruengli shed more than 2%. Schindler Holding ended nearly 1% up.
Switzerland’s economic outlook remained very positive in May, driven by manufacturing and exports, survey data by the KOF economic institute showed.
The KOF Economic Barometer climbed to a new record high of 143.2 point from 136.4 in April, which was revised from 134.0. Economists had forecast a score of 136. The reading is well above its long-term average.
“The outlook for the Swiss economy for the middle of 2021 can be regarded as very positive, provided that the containment of the virus continues to progress,” the think tank said.
Positive inputs also came from indicators for accommodation and food service activities followed by those for the other services sector. Meanwhile, private consumption measures gave slight negative impulses.
Earlier this week, the Swiss government decided to ease restrictions further from June 1. This includes indoor and outdoor re-opening of restaurants, the end of the requirement to work from home, and public events with limited numbers.
Market Analysis
Swiss Market Ends On Buoyant Note
2021-05-28 18:19:55
