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Swiss Market Ends On Firm Note

The Switzerland stock market ended on a firm note on Thursday, in line with the trend seen across Europe, amid rising hopes the Federal Reserve will slow down the pace of its interest rate hikes from as early as next month.

According to the FOMC meeting minutes, a majority of policymakers found that a slower pace of interest rate hikes would "likely soon be appropriate."

"A slower pace in these circumstances would better allow the committee to assess progress toward its goals of maximum employment and price stability."

The start was a bit sluggish, but the market recovered soon and stayed firm right till the end of the session thanks to sustained buying at several frontline counters.

The benchmark SMI ended with a gain of 63.10 points or 0.57% at 11,157.56. The index scaled a low of 11,085.38 and a high of 11,175.27 in the session.

Lonza Group, Logitech and Givaudan gained 2.26%, 2.05% and 1.98%, respectively. Partners Group and Sonova both gained about 1.6%.

Alcon, Holcim, Swiss Re ended higher by 1 to 1.4%, while UBS Group, Swisscom and ABB gained 0.8 to 0.95%.

Credit Suisse ended nearly 2% down. Novartis and Nestle ended flat.

In the Mid Price Index, Zur Rose rallied 5.3% and Temenos Group gained 4.2%. AMS, Straumann Holding, Tecan Group, Clariant, Schindler Ps and PSP Swiss Property advanced 1.8 to 2.5%.

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