Swiss Market Ends On Weak Note

(RTTNews) - The Switzerland stock market ended on a weak note after languishing in the red right through the day's session, in line with the trend seen across Europe, as concerns about imminent rate hikes in the near term prompted investors to exit counters.

The benchmark SMI ended with a loss of 114.09 points or 0.88% at 12,792.28, after moving between 12,728.44 and 12,816.12.

Logitech declined nearly 5.5% and Partners Group shed 4.55%. Sika, Givaudan, Geberit, Richemont and Alcon lost 2 to 4%.

SGS and ABB both ended lower by 1.75%. Lonza Group and Roche Holding lost 0.9% and 0.8%, respectively.

UBS Group shares gained 1.1%. Novartis gained 0.62% and Swiss Re ended 0.54% up. Credit Suisse ended with a modest gain.

In the Mid Price Index, AMS and VAT Group ended lower by 6.5% and 5.4%, respectively. Lindt & Spruengli, Straumann Holding, Temenos Group, BB Biotech, Ems Chemie Holding and Sonova lost 2 to 4%.

Switzerland today reported 32,239 new coronavirus cases for the previous 24-hour period. According to reports, hospital admissions have gone up slightly but officials fear an increase due to the fast-spreading Omicron variant.

"The spread of Omicron continues to advance rapidly," said Patrick Mathys of the Federal Office of Public Health on Monday. Switzerland continues to have one of the highest infection rates in Europe.