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SMI Retreats After Hitting New High, Ends Slightly Weak

The Switzerland stock market ended marginally down on Wednesday, after a choppy session, as investors appeared keen on taking some profits after recent strong gains.

After a weak start, the market rallied into positive territory and hit a new high, but turned weak again and stayed quite sluggish till the end of the session.

The benchmark SMI, which hit a new high at 11,119.89 in early trades, ended down 11.93 points, or 0.11%, at 11,089.24, after hitting a new high at 11,119.89.

Nestle declined 1.25%. Givaudan and Roche Holding ended lower by 0.88% and 0.44%, respectivelly.

Among the gainers, Swatch Group, Richemont, Credit Suisse, UBS Group and Adecco moved up 1.2 to 1.6%.

Lonza Group, Alcon, Swiss Re and Swisscom ended higher by 0.4% to 1%.

In the midcap section, Straumann Holdings ended down 1.85%. AMS and Schindler Ps shed 1.6% and 1.4%, respectively.

Ems Chemie Holding, Lindt & Ps, Schindler Holding and Swiss Prime shed 0.8% to 1.2%.

On the other hand, Bucher Industries, Dufry and Logitech gained 1 to 1.4%. Sunrise Communications, OC Oerlikon Corp, VAT Group and Julius Baer also closed on a positive note.

Among the other major markets in Europe, the U.K., Germany and France closed higher. The U.K.'s FTSE 100 ended higher by 0.47%, while Germany's DAX and France's CAC 40 firmed up by 0.89% and 0.83%, respectively. The pan European Stoxx 600 ended up 0.63%.

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