Swiss Market Pares Early Gains, Ends Just Marginally Up
(RTTNews) - The Switzerland market failed to hold early gains and settled just marginally up on Thursday as the mood turned cautious midway through the day's trading session.
The benchmark SMI, which climbed to 12,640.19 in early trades, very nearly slipped below the flat line around early afternoon, and despite a modest recovery thereafter, ended the session with a marginal gain of 12.44 points or 0.1% at 12,543.06.
VAT Group climbed about 4.25%. ABB and Richemont, both closed up 2.17%. Amrize and Logitech International gained 1.85% and 1.75%, respectively.
Galderma Group, Julius Baer, Swiss Life Holding, Partners Group, Schindler Ps and Alcon posted moderate gains.
Novartis ended down by 1.76%. Sandoz Group and Kuehne + Nagel closed lower by about 1.05%. UBS Group, Straumann Holding and Givaudan ended modestly lower.
In economic news, Switzerland's foreign trade surplus decreased in October as exports fell amid an increase in imports, data from the Federal Customs Administration showed.
The trade surplus decreased to CHF 2.62 billion in October from CHF 2.74 billion in September.
In real terms, exports fell 0.6% over the month, reversing a 2.8% increase in September. On the other hand, imports rose at a slower rate of 0.1% versus a 2% growth a month ago.
In nominal terms, exports declined 0.3%, while imports rose by 0.2%.
According to the Federation of the Swiss Watch Industry, watch exports dropped 4.4% annually in October. Bimetallic and steel watches logged 7.2% lower exports, and those made from precious metals decreased by 1%.
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