{"id":11353,"date":"2021-06-30T17:54:44","date_gmt":"2021-06-30T17:54:44","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/06\/30\/swiss-market-drifts-lower-posts-first-loss-in-five-sessions\/"},"modified":"2021-06-30T17:54:44","modified_gmt":"2021-06-30T17:54:44","slug":"swiss-market-drifts-lower-posts-first-loss-in-five-sessions","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/06\/30\/swiss-market-drifts-lower-posts-first-loss-in-five-sessions\/","title":{"rendered":"Swiss Market Drifts Lower, Posts First Loss In Five Sessions"},"content":{"rendered":"
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The Switzerland stock market closed lower on Wednesday, tracking weakness in global markets<\/span> amid worries that rising delta variant coronavirus cases and fresh travel curbs could dent the pace of economic recovery.<\/p>\n

The benchmark SMI, which posted gains in the previous four sessions, ended with a loss of 85.73 points or 0.71% at 11,942.72, slightly off the day’s low of 11,931.48. The index briefly edged up into positive territory in opening trades.<\/p>\n

Swiss Life Holding, Sika and Geberit lost 1.7 to 1.9%. ABB, Lonza Group and Partners Group ended lower by 1.2 to 1.3%, while Zurich Insurance Group, Swiss Re, Givaudan, Nestle, UBS Group and Richemont shed 0.8 to 1%.<\/p>\n

Credit Suisse, SGS, Holcim and Novartis also closed weak, while Roche Holding and Swisscom ended flat.<\/p>\n

Among the stocks in the Swiss Mid Price Index, Clariant declined nearly 3% and AMS shed about 2.1%. Lindt & Spruengli, Adecco, Tecan Group and Julius Baer also ended notably lower.<\/p>\n

Vifor Pharma, which posted sharp losses in recent session, ended nearly 1% up. OC Oerlikon Corp, Dufry and Georg Fischer also closed higher.<\/p>\n

A report from Credit Suisse & CFA Society Switzerland said the Swiss investor sentiment index fell sharply to 51.3 in June from a record of 72.2 in May, reaching the lowest in 5 months.<\/p>\n

The Swiss Economic Barometer unexpectedly dropped to 133.4 in June from 143.7 in May, which was revised from 143.2, survey results from the Z\u00fcrich-based think tank KOF showed Wednesday.<\/p>\n

Economists had forecast a higher score of 144.7 for June. The barometer remained well above its long-?term average.<\/p>\n

“The strong rise of the barometer across the last months is now replaced by a corrective movement,” KOF said. “The prospects for the Swiss economy<\/span> remains very positive, provided that the economy is not severely affected by a renewed spread of the virus.”<\/p>\n

The KOF indicator dropped for the first time in five months. The decline was largely driven by indicator bundles for the manufacturing and the other services sector, the KOF said.<\/p>\n

Indicators for accommodation and food service activities, foreign demand and the financial and insurance services sector also contributed to the negative development. <\/p>\n<\/p>\n

Market Analysis<\/p>\n<\/div>\n