Swiss Market Ends Slightly Up

(RTTNews) - The Switzerland market ended marginally up on Monday after a choppy session during which stocks moved in a very narrow range. Worries about Swiss growth outlook weighed on sentiment. Also, investors chose to remain on the sidelines ahead of New Year holidays.

The Swiss market will be closed on Tuesday, and reopen on Friday.

The benchmark SMI, which saw a positive spell from a little past noon to around mid afternoon, slipped into the red thereafter. However, with a few stocks finding support in the closing minutes, it ended the session with a small gain of 11.56 points or 0.1% at 11,600.90.

The SMI, which climbed to 12,483.57 in September, retreated subsequently, but still gained about 4.15% in 2024.

A measure of the turning points in Switzerland's economy declined in December after rising a month ago suggesting that the outlook has dampened, survey data from the KOF Swiss Economic Institute showed.

The KOF Economic Barometer declined more-than-expected to 99.5 in December from revised 102.9 in the previous month. The reading was seen at 101.1. After rising in November, the index fell slightly below its medium-term average.

"The outlook for the Swiss economy has dampened," the KOF said.

All sub-indicators of the barometer contributed to the negative development. The indices for manufacturing and other services, as well as indicators for the hospitality industry, for foreign demand and private consumption declined considerably in December.

Swatch Group, Roche Holding, Adecco, Nestle, SIG Group and Richemont closed higher by 0.4 to 0.8%.

Swiss Life Holding, Swisscom and UBS Group also closed higher.

ABB closed nearly 1% down. VAT Group and Lindt & Spruengli both closed lower by about 0.7%. Straumann Holding, Geberit, Lonza Group, Givaudan, Sika, Swiss Re and Alcon also ended weak.