Despite a general upbeat atmosphere throughout Europe, the Swiss market slightly faltered on Tuesday. Investors seemed hesitant to engage in significant stock purchases before decisions are announced by the Federal Reserve and the Swiss National Bank.
The key SMI index saw a decrease, closing down by 45.83 points or 0.39% at 11,577.80. Throughout the day, it fluctuated between a low point of 11,536.27 and a high of 11,613.72.
Important economic data also made headlines. The Federal Customs Administration indicated that the Swiss foreign trade surplus fell to 2.2 billion CHF in February, down from 2.7 billion CHF a month prior. This overall fall was largely due to imports growing at a faster rate than exports.
Exports experienced a slight rise of 0.2% over the course of the month, counteracting a 0.5% decline in January. Imports also bounced back by 3.8% after dropping by 3.9% in the preceding month.
Notably, the month saw a 3% increase in food product shipments, contrasting with a considerable 13.5% decrease in jewellery items. In terms of nominal figures, both exports and imports experienced a modest growth, rising by 0.1% and 2.9% respectively.
The Federation of the Swiss Watch Industry reported a 3.8% year-on-year decrease in watch exports for February.
Among individual stocks, Partners Group, Richemont and UBS Group saw declines, closing 3.1%, 1.55% and 1.32% lower respectively. Nestle, ABB and Kuehne & Nagel also slipped 0.8 to 1%.
On the flip side, Logitech International saw a rise of 1.61%, with Swiss Re seeing a 1.25% gain. Lonza Group, Swiss Life Holding, Geberit, Holcim, and Sonova also experienced increases in the range of 0.6 to 1%.
In relation to the Mid Price Index, ams OSRAM AG faltered notably with a drop of over 9%. Stock from the Swatch Group faced a decrease of 2.8%, while Adecco and Avolta followed with dips of 2.35% and 2.3% respectively.
Lindt & Spruengli saw a decrease of 1.6%, Galenica Sante, Temenos Group, Straumann Holding, VAT Group and Sandoz also experienced losses in the terrain of 0.6 to 1%.
On the positive side, Meyer Burger Tech rallied with an 8% gain. Georg Fischer increased by 2.6%, Schindler Ps grew 1.15% and Schindler Holding had a 0.8% gain. Ems Chemie Holding and Clariant also ended the day with slight gains.
