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Swiss Market Falters After Hitting New High, Snaps 13-day Winning Streak

The Switzerland stock market snapped a long 13-day winning streak and ended moderately lower on Friday, in line with the trend seen across Europe, as a hawkish policy outlook from the Federal Reserve weighed on sentiment.

Profit taking after a long winning run contributed as well to market's weak close.

The benchmark SMI hit a new record high at 12,072.11 at noon, but lost its way an hour later and slid gradually to end the session with a loss of 69.86 points or 0.58% at 11,941.25.

Richemont, Partners Group, Credit Suisse and UBS Group lost 2 to 2.25%. Holcim ended 1.8% down, while Swiss Re, ABB and Zurich Insurance Group declined by 1.3 to 1.4%. Swiss Life Holding, Swatch Group and Lonza Group shed 0.9 to 1.1%.

Among the stocks in the Mid Price Index, AMS shed 3.7% and Logitech ended 2.88% down. Helvetia, Adecco, Flughafen Zurich, Clariant and Julius Baer lost 2 to 2.4%, while Vifor Pharma, Cembra Money Bank and Baloise Holding closed lower by 1.3 to 1.6%.

Sonova, Schindler, Tecan Group, Lindt & Spruengli, Ems Chemie Holding and Schindler Holding closed on the positive side.

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