Swiss Market Ends Sharply Lower
(RTTNews) - The Switzerland stock market ended weak on Wednesday, in line with markets across Europe, as recession fears and interest rate concerns rendered the mood bearish.
The benchmark SMI, which stayed in negative territory right through the day's session, ended with a loss of 148.21 points or 1.29% at 11,364.91.
ABB, Roche Holding and Sonova lost 2.62%, 2.57% and 2.35%, respectively. Lonza Group, Richemont and Givaudan ended lower by 1.8 to 2%.
Novartis ended 1.57% down, Partners Group lost 1.42% and Holcim ended lower by about 1.2%.
UBS Group gained nearly 1%. Logitech and Swisscom also ended notably higher.
In the Mid Price Index, Ems Chemie Holding drifted down 3.48%. Flughafen Zurich ended 2.7% down. SIG Combibloc, Belimo Holding, Tecan Group, Lindt & Spruengli, Georg Fischer and VAT Group lost 1.6 to 2.3%.
Temenos Group soared nearly 13.5%. Zur Rose and AMS climbed 2% and 1.9%, respectively.
A report from the Credit Suisse & CFA Society said Swiss investors' sentiment rose by 8 points from the previous month to -33.3 in April of 2023, easing slightly from the deepened pessimism in March as concerns regarding a systemic collapse of the Swiss banking system were alleviated.
In the meantime, the current conditions index rose by 4.8 points to 20. "The sentiment indicator for Swiss financial analysts has been pointing to an economic downswing for more than a year now, and there no longer appears to be the risk of a recession in the immediate future," CFA said.
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