Swiss Market Ends Lower Again As Growth Worries Weigh

(RTTNews) - The Switzerland stock market ended on a weak note on Thursday, extending losses from the previous session, as rising worries about slowing global economic growth continued to weigh on sentiment.

The benchmark SMI, which dropped to a low of 10,755.46 in late afternoon trades, ended the session with a loss of 105.33 points or 0.97%.

The index had ended with a loss of 1.49% on Wednesday.

All the components of the SMI index ended in negative territory.

Givaudan and Credit Suisse shed 4.2% and 3.48%, respectively. UBS Group, Swiss Re, Sika, Partners Group and Zurich Insurance Group ended lower by 1.6 to 2.2%.

Swisscom, Geberit, Swiss Life Holding, Holcim and Alcon also ended notably lower.

Among Swiss Mid Price index stocks, Zur Rose, AMS, Temenos Group, Bachem Holding and Clariant ended lower by 3 to 4%.

BB Biotech, Barry Callebaut, Julius Baer, Helvetia and Swiss Prime Site shed 2 to 2.7%.

SIG Combibloc rallied 2.7%. Flughafen Zurich gained about 1%, while Straumann Holding and Galenica Sante ended higher by 0.68% and 0.59%, respectively.

On the economic front, data from the Federal Statistical Office showed producer price inflation in Switzerland decreased to 0.3% month-on-month in June from 0.9% in May.

Switzerland's producer and import prices increased 6.9% from a year earlier in June of 2022, unchanged from the previous months. Still, the figure was the highest level since September of 1981.