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Swiss Market Ends Moderately Lower

After moving along the flat line till around mid afternoon on Friday, the Switzerland stock market slipped into the red and drifted down further as the session progressed and finally closed notably lower.

The benchmark SMI ended with a loss of 79.59 points or 0.71% at 11,123.07, slightly off the session's low of 11,220.47.

Partners Group tumbled more than 4%. Lonza Group, Geberit, Richemont and Givaudan ended lower by 2.6 to 3.4%.

UBS Group, SGS, ABB, Logitech and Nestle drifted down 1.1 to 1.8%.

Credit Suisse ended 0.6% down after reports that executives at the Swiss bank are discussing reducing thousands of roles globally.

Swisscom climbed more than 2%. Novartis, Swiss Life Holding and Zurich Insurance Group gained 0.6 to 0.85%.

In the Mid Price Index, Zur Rose ended lower by 6.75%. Bachem Holding shed about 5.1%, while Tecan Group and Straumann Holding both lost nearly 4%.

Ems Chemie Holding, Schindler Holding, Kuehne & Nagel, Clariant, SIG Combibloc and Schindler Ps lost 1.6 to 2.2%.

BB Biotech and Temenos Group both gained nearly 2.5%. Flughafen Zurich and AMS moved up 1.82% and 1.68%, respectively.

A report from Swiss National Bank showed foreign exchange reserves in Switzerland decreased to CHF 849,403 million in July from CHF 849,798 million in June of 2022.

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