Swiss Market Ends On Weak Note On Growth Concerns

(RTTNews) - The Switzerland stock market ended on a weak note on Thursday, in line with markets across Europe, as worries about rising inflation and tighter policy stance of the central banks rendered the mood bearish.

Data showing a drop in Swiss retail sales in the month of May weighed as well.

The benchmark SMI ended with a loss of 70.54 points or 0.65% at 10,741.21. The index touched a low of 10,606.51.

Credit Suisse ended more than 3% down. Geberit, Holcim, UBS Group, SGS, Partners Group and Givaudan lost 1.25 to 1.9%. Richemont shed about 1.1%. ABB, Nestle and Swiss Life Holding also closed notably lower.

Swisscom gained 1.15%. Alcon and Lonza Group both ended nearly 1% up.

In the Swiss Mid Price Index, Dufry ended more than 4% down. Bachem Holding drifted down 3.8%, while Zur Rose and Flughafen Zurich lost 2.9% and 2.8%, respectively.

Tecan Group, Barry Callebaut, AMS, Temenos Group, Georg Fischer, Julius Baer and VAT Group lost 1.4 to 2.3%.

Clariant climbed 3.3%. Lindt & Spruengli Part gained 2% and Straumann Holding advanced 1.5%, while Lindt & Spruengli N surged 1.1%.

Data from the Federal Statistical Office showed Switzerland's retail sales declined for the third straight month in May, falling by a working-day-adjusted 1.6% year-on-year, following a revised 5.5% decrease in April.

In nominal terms, retail sales showed no variations in May compared to last year, after a 4.6% drop in the previous month.

Sales of food, beverages and tobacco declined 6.8% yearly in May, while sales of non-food rose 0.8%, the agency said.

On a monthly basis, retail sales increased a seasonally adjusted 1.1% in May, the data showed.