October 31, 2020

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Swiss Market Ends Moderately Lower

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The Switzerland stock market ended lower on Tuesday, in line with markets across Europe, as worries about growth resurfaced, and several countries saw a surge in new coronavirus cases.

Weakness in the U.S. market where technology stocks are taking a beating again, hurt as well.

The benchmark SMI, which advanced to 10,342.46 in early trades, ended the session with a loss of 47.36 points or 0.46% at 10,250.44, exactly 100 points off the day’s low of 10,150.44.

The SMI ended with a strong gain of 1.43% on Monday as stocks surged higher thanks to bargain hunting and optimism about potential coronavirus vaccines.

Credit Suisse slid more than 3%. UBS Group ended nearly 2% down and Lonza Group shed 1.75%, while Swiss Life Holding, Adecco, Sika, Zurich Insurance Group and Swisscom lost 1 to 1.4%.

On the other hand, Swatch Group moved up 1.1%. Geberit, Roche Holding and Swiss Re ended modestly higher.

Among midcap stocks, AMS, Julius Baer, Dorma Kaba Holding, Dufry and Flughafen Zurich lost 2 to 3.1%.

Sonova, Logitech, Clariant, OC Oerlikon Corp, VAT Group and Straumann Holding ended lower by 1.6 to 2%, while Schindler Ps and Schindler Holding both gained about 0.85%.

Among the other major markets in Europe, France and Germany ended notably lower with their benchmarks CAC 40 and DAX sliding 1.59% and 1.01%, respectively. The U.K.’s FTSE 100 edged down 0.12%.The pan European Stoxx 600 ended down 1.15%.

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Market Analysis

2020-09-08 13:53:17

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