Swiss Market Ends Notably Lower

(RTTNews) - Save for a few minutes at the start and a brief while a little later, the Switzerland stock market languished in negative territory on Tuesday amid concerns the Fed will continue to aggressively hike interest rates to rein in inflation.

The benchmark SMI ended with a loss of 85.34 points or 0.76% at 11,109.33. The index, which advanced to 11,208.11 in early trades, dropped to a low of 11,085.28 in the final hour.

Lonza Group ended 3.47% down. Credit Suisse, Partners Group, Givaudan and Alcon lost 2.25 to 2.6%.

Sonova, Logiteh, UBS Group and Roche Holding ended lower by 1.4 to 2%. Geberit and ABB both shed about 1.05%.

Swisscom climbed 1.3% and Richemont surged nearly 1%, while Nestle ended with a modest gain.

In the Swiss Mid Price Index, Zur Rose plunged nearly 10% and AMS ended 8.75% down.

Temenos Group, VAT Group, Tecan Group, Straumann Holding, Bachem Holding, Kuehne & Nagel, Belimo Holding and Schindler Ps ended lower by 2 to 3.5%.