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Swiss Market Ends Weak Again

The Switzerland stock market failed to hold early gains and ended moderately lower on Wednesday as worries about rising coronavirus cases weighed on sentiment.

News about a pause in late-stage clinical trials of a couple of coronavirus vaccines due to safety concerns raised uncertainty about availability of a vaccine anytime soon.

The benchmark SMI, which advanced to 10,386.03 by mid-morning, faltered into the red and kept edging lower as the day progressed to eventually close at 10,292.66, netting a loss of 43.70 points or 0.42%.

The index ended with a loss of 27.74 points or 0.27% on Tuesday, after having scored gains in the previous three sessions.

Swatch Group shares slid 1.75%. Credit Suisse, Swiss Re, Nestle, Givaudan, Zurich Insurance Group and UBS Group lost 0.75 to 1%.

Novartis and Roche Holding both ended lower by about 0.3%, while Alcon and ABB gained 0.9% and 0.4%, respectively.

In the midcap section, Dufty declined nearly 3%, extending recent losses. Vifor Pharma shed about 1.4%, while Cembra Money Bank, Julius Baer, Lindt & Sp Ps and AMS lost nearly 1%.

Kuehne & Nagel moved up nearly 1.25%. Adecco gained 0.86%, while BB Biotech, Swiss Prime Site and Baloise Holding posted modest gains.

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