The Swiss stock market began Monday on a positive trajectory but quickly dipped into negative territory. Despite briefly rebounding above the flat line in the early afternoon, the market ultimately closed slightly lower. Investor sentiment remained cautious as all eyes were on forthcoming monetary policy decisions from the Swiss National Bank and the European Central Bank.
The Swiss Market Index (SMI) initially rose to 11,829.09 but subsequently declined to a low of 11,761.72, closing at 11,761.72 with a modest loss of 18.93 points, or 0.16%.
Notable decliners included Holcim, which decreased by 1.55%, as well as Givaudan and Sandoz Group, which fell by 1.17% and 1.12% respectively. Other stocks such as Lonza Group, Swisscom, Novartis, Zurich Insurance Group, Partners Group, Schindler Ps, and UBS Group experienced declines ranging from 0.3% to 0.7%.
On the positive side, the Swatch Group surged approximately 2.7%, while Richemont increased by 2.06%. Adecco and Straumann Holding saw gains of 1.75% and 1.51% respectively, with Julius Baer and Sika inching up by 0.89% and 0.81%.
Furthermore, data from the State Secretariat for Economic Affairs revealed an improvement in Switzerland's consumer confidence. The index rose to -37.2 in November, up from -48 in the same month of the previous year.
