February 24, 2021

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Swiss Market Ends Weak Again

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The Switzerland stock market ended notably lower on Tuesday, extending losses to a sixth straight session, amid concerns about outlook for inflation.

The benchmark SMI, which slid to 10,520.03 intraday, ended the session with a loss of 88.35 points or 0.83% at 10,609.03

Sika declined 2.7% and ABB ended lower by 2.2%. Nestle, Geberit, Givaudan and Lonza Group lost 1 to 1.6%, shile Novartis and Roche Holding both ended lower by nearly 1%.

Credit Suisse moved up nearly 1.5% and Swiss Re gained 1.2%, while Alcon and LafargeHolcim moved up 0.7% and 0.4%, respectively.

In the Mid Price Index, SIG Combibloc tumbled more than 10%. Logitech, Tecan Group, BB Biotech and VAT Group lost 4 to 5%.

Straumann Holding ended 3.8% down and AMS lost about 3.1%. Georg Fischer, OC Oerlikon Corp, Galenica Sante, Sonova, Kuehne & Nagel and Ems Chemie Holding ended lower by 1.7 to 3%.

Flughafen Zurich surged up 3.8%, Dufry gained 2.5% and PSP Swiss Property advanced 1.7%, while Swiss Prime Site gained about 1%.

Data from the Federal Statistical Office showed Switzerland’s producer and import prices declined in January, falling 2.1% year-on-year.

The producer price index decreased 1.2% annually in January and import prices decreased 3.9%. On a monthly basis, producer and import prices rose 0.3% in January.

The latest growth was mainly due to higher price for scrap, petroleum products, as well as for basic metals and semi-finished metal products, the agency said.

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2021-02-23 14:16:01

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