Swiss Market Ends Modestly Higher

(RTTNews) - The Switzerland stock market shrugged off a weak start and a subsequent sluggish spell to end modestly higher on Thursday even as the mood remained cautious amid concerns about economic slowdown and soaring inflation.

Investors also digested Swiss exports data.

The benchmark SMI ended with a gain of 39.40 points or 0.35% at 11,167.59. The index moved in a tight range between 11,090.08 and 11,186.50.

Lonza Group climbed 2.4%. ABB, Swisscom, UBS Group, Roche Holding and Partners Group gained 1 to 1.3%.

Credit Suisse, SGS, Richemont, Alcon and Sika also closed higher.

Geberit drifted down 1.37%. Swiss Life Holding, Zurich Insurance Group and Nestle ended modestly lower.

In the Swiss Mid Price Index, Zur Rose surged nearly 8.5%. Tecan Group advanced about 5%. Bachem Holding, AMS, Kuehne & Nagel, Georg Fischer, VAT Group and Schindler Holding gained 2 to 3%.

BB Biotech shed 2.27%. Dufry ended 1.74% down, while Helvetia and Straumann Holding both shed more than 1%.

Data from the Federal Customs Administration showed Switzerland's exports declined for the first time in four months in July, falling by a real 2.9% month-on-month, reversing a 1% increase in June.

Imports decreased at a faster pace of 3.4% over the month, following a 1.2% drop in June.

In nominal terms, both exports and imports slid by 4.3% and 4.2%, respectively, in July from a month ago.

The trade surplus shrank to CHF 2.417 billion in July from CHF 2.532 billion in June.

According to the Federation of the Swiss Watch Industry, watch exports rose 8.3% year-on-year in July. This was the highest monthly result achieved since the record performance of October 2014.