Swiss Market Ends Notably Lower

(RTTNews) - The Switzerland stock market ended notably lower on Thursday, tracking weak global cues amid rising concerns about a possible recession in the U.S.

The benchmark SMI ended with a loss of 107.65 points or 0.95% at 11,258.97, the day's low. The index, which spent not more than a few minutes in positive territory today, touched a high of 11,372.58, recovering from a weak start.

Credit Suisse tumbled nearly 6.5%. Partners Group lost about 4.8%, while UBS Group, Givaudan, ABB, Sika and Richemont ended lower by 2 to 2.5%.

Lonza Group, Geberit, Logitech and Sonova also ended notably lower.

In the Mid Price Index, AMS, VAT Group and Kuehne & Nagel lost 4.25 to 4.7%.

Bachem Holding, Temenos Group, Tecan Group, Schindler Holding, Swatch Group, Flughafen Zurich, Straumann Holding and Ems Chemie Holding lost 2.3 to 3.2%, while Belimo Holding rallied more than 2.5%.

On the economic front, Switzerland's producer and import prices increased 3.2% year-on-year in December, data from the Federal Statistical Office showed.

The producer price index climbed 2.6% annually in December, and import prices grew 4.4%. Compared to the previous month, producer and import prices declined 0.7% in December.

In 2022, the producer and import prices advanced 5.6% from 2.7% in 2021.