Following a robust start and an early dip into negative territory on Tuesday morning, the Swiss market rebounded and maintained positive momentum for the remainder of the session, ultimately closing with modest gains.
The Swiss National Bank (SNB), which is anticipated to release its monetary policy decision on Thursday, June 20, is widely expected to reduce its policy rate by 25 basis points.
The benchmark Swiss Market Index (SMI) concluded the day with an increase of 35.61 points, or 0.3%, at 12,039.13. During the session, the index reached a peak of 12,048.75 and a low of 11,996.51.
Swatch Group saw a strong rise of 3.6%, while ABB, Swiss Life Holding, VAT Group, Sandoz Group, Roche Holding, Kuehne & Nagel, Partners Group, and Swiss Re experienced gains ranging from 1% to 1.7%.
Julius Baer, Lonza Group, Zurich Insurance Group, Sika, and SGS also ended the session with increases of 0.6% to 1%.
Zurich Insurance Group posted a modest gain. Reports indicate that the group has agreed to sell its Edificio Zurich office building in Madrid to the investment company Besant Capital for €100 million. The transaction is expected to close in the coming days.
In contrast, Schindler Ps declined by 1.43%. Richemont, Novartis, Straumann Holding, and Lindt & Sprüngli closed with losses of 0.28% to 0.6%.
