Swiss Market Ends Marginally Down After Choppy Session

(RTTNews) - The Switzerland stock market ended marginally down on Wednesday after a choppy session. Worries about inflation and slowing economic growth weighed on sentiment.

The benchmark SMI ended with a loss of 16.02 points or 0.14% at 11,090.22. The index once again moved in a very tight band. It touched a low of 11,068.00 and a high of 11,130.25 in the session.

Novartis and Nestle lost 0.71% and 0.6%, respectively. Swiss Life Holding and Logitech, both ended nearly 0.5% down.

Givaudan, Lonza Group and Sonova gained 0.65% to 0.7%. Geberit, UBS Group, Roche Holding and Swisscom posted modest gains.

In the Mid Price Index, Meyer Burger Tech dropped 4.7%. AMS drifted down 1.8%, while Schindler Holding and Georg Fischer ended lower by 0.8% and 0.7%, respectively.

Tecan Group, Clariant, Adecco, Bachem Holding, Flughafen Zurich, DocMorris, SIG Combibloc and Ems Chemie Holding gained 0.5 to 1%.

According to a report from the Swiss Economic Institute, Switzerland's leading KOF economic barometer fell to 91.1 in August 2023 from a downwardly revised 92.1 in the previous month.

A report from Credit Suisse & CFA Society Switzerland showed, the Swiss investors' sentiment dropped by 6 points from the prior month to reach a five-month low of -38.6 in August of 2023, marking the 18th consecutive negative reading. At the same time, the current conditions index sank by 16.6 points to +13.6.