{"id":10915,"date":"2021-06-17T18:08:03","date_gmt":"2021-06-17T18:08:03","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/06\/17\/swiss-market-extends-winning-run-to-13th-session\/"},"modified":"2021-06-17T18:08:03","modified_gmt":"2021-06-17T18:08:03","slug":"swiss-market-extends-winning-run-to-13th-session","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/06\/17\/swiss-market-extends-winning-run-to-13th-session\/","title":{"rendered":"Swiss Market Extends Winning Run To 13th Session"},"content":{"rendered":"
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Despite staying in negative territory for much of the day’s session, the Switzerland stock market ended on a positive note on Thursday as shares pared losses and climbed higher in late afternoon trades.<\/p>\n

The Swiss central bank’s projection that its GDP will return to its pre-crisis level by the middle of the year aided sentiment.<\/p>\n

The benchmark SMI, which dropped to 11,914.52 around mid-morning, ended the day with a gain of 29.08 points or 0.24% at 12,011.11, slightly off a new high of 12,017.76.<\/p>\n

Alcon, Novartis, Zurich Insurance Group, Nestle, UBS Group and Roche Holding gained 0.4 to 1%.<\/p>\n

Swatch Group, Holcim, Givaudan and Lonza Group lost 1 to 1.25%, while, Sika and ABB shed 0.8% and 0.7%, respectively.<\/p>\n

In the Mid Price Index, Dufry climbed 2.8% and Vifor Pharma gained nearly 1.5%. Lindt & Spruengli, Cembra Money Bank, Straumann Holding and Temenos Group also closed notably higher.<\/p>\n

Clariant, Kuehne & Nagel, OC Oerlikon Corp and AMS shed 2 to 2.2%, while SIG Combibloc declined 1.7%.<\/p>\n

The Swiss National Bank today decided to maintain its expansionary monetary policy in order to ensure price stability and provide support to the economic recovery.<\/p>\n

Policymakers of the Swiss National Bank retained the policy rate and interest on sight deposits at the SNB at -0.75%, and the bank reitereated that it is willing to intervene in the foreign exchange market as necessary, while taking the overall currency situation into consideration.<\/p>\n

The central bank forecast consumer prices to rise 0.4% this year and 0.6% each in 2022 and 2023. The projection for 2021 was revised up from 0.2% and that for 2022 from 0.4%.<\/p>\n

The bank expects Swiss GDP to return to its pre-crisis level by the middle of the year. The bank raised its growth outlook for this year to around 3.5% citing the lower-than-expected decline in GDP in the first quarter.<\/p>\n

Data from the Federal Customs Administration showed Switzerland’s exports increased by a real 2.6% month-on-month in May, after declining by 0.3% in April. Imports fell 1.1% monthly in May, after a 1.3% increase in the previous month, the data showed.<\/p>\n

In nominal terms, exports grew 3.5 percent in May and imports declined 1.6%. The trade surplus increased to CHF 4.264 billion in May from CHF 3.305 billion in April.<\/p>\n

According to the Federation of the Swiss Watch Industry, watch exports declined 11.9% year-on-year in May. <\/p>\n<\/p>\n<\/div>\n