The Switzerland stock market ended weak on Wednesday as investors chose to take some profits, cashing in recent gains. Uncertainty about near term outlook for the market amid a rebound in Treasury yields weighed as well on stocks.
The benchmark SMI, which stayed positive till around noon, gradually edged lower as the session progressed to eventually settle at 10,771.81, netting a loss of 45.27 points or 0.42%.
The SMI ended 1.05% up on Tuesday, after scoring a gain of about 1.75% a day earlier.
Lonza Group shed about 2.2%, Givaudan ended 2.1% down and Alcon closed lower by about 1.5%. Swiss Life Holding and Roche Holding ended nearly 1% down, while Nestle slid 0.85%. Swisscom ended 0.58% down.
Credit Suisse and UBS Group edged down marginally. Novartis shed 0.2%.
Among the gainers in the SMI, Partners Group advanced 1.1%, Richemont ended nearly 1% up and Swatch Group moved up 0.9%, while Zurich Insurance Group moved up 0.67%.
In the Mid Price Index, Logitech, Sonova, Vifor Pharma, Straumann Holding, Galenica Sante and Ems hemie Holdings lost 2 to 4%.
Kuehne & Nagel rallied more than 7%. The logistic firm said that it looks forward to the year 2021 with confidence. After closing the year 2020 with a record operating result, the company said it looks forward to the year 2021 with confidence.
Georg Fischer climbed 6.2%, Adecco firmed up 2.6%, Julius Baer gained 2.2%, Helvetia, OC Oerlikon Corp, SIG Combibloc and Flughafen Zurich moved up 1.6 to 2%.
In economic news, data from the Federal Statistical Office showed Switzerland’s consumer prices continued to decline in February, decreasing 0.5% year-on-year, same as seen in January. Economists had expected a 0.3% fall.
On a monthly basis, consumer prices rose 0.2% in February, following a 0.1% increase in the previous month. Economists had forecast a rise of 0.4%.
The core CPI rose 0.1% yearly in February and declined 0.3% from the previous month.
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