Swiss Market Ends Moderately Lower
(RTTNews) - Save for a very brief while at the start, the Switzerland market stayed weak on Wednesday amid uncertainty about a full-fledged U.S.- Iran ceasefire in the Middle East following the latest wave of strikes and counterstrikes by the warring nations.
The benchmark SMI ended down by 87.40 points or 0.66% at 13,218.32. The index, which edged up to 13,338.07 in early trades, dropped to a low of 13,152.78 about an hour past noon.
Partners Group tanked 16.3% following the group capping withdrawals at one of its evergreen private equity funds amid heightened redemption pressure.
According to a Bloomberg report, the firm said its $8.6 billion Global Value SICAV fund was limiting redemptions to 5% of net asset value per quarter after withdrawal requests surged to an estimated 9.8% in the second quarter,
Logitech International ended down by about 5.2%. Lonza Group, Richemont, Zurich Insurance, UBS Group, Helvetia Baloise Holding and Galderma Group lost 1.25%-1.51%.
VAT Group, Givaudan, Holcim, Swisscom, Swiss Life Holding, ABB and Nestle also ended weak.
Lindt & Spruengli climbed 1.59%. SGS moved up nearly 1%, while Roche and Geberit gained 0.6% each. Novartis and Kuehne + Nagel posted modest gains.
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