On Tuesday morning, the Swiss market opened on a slightly positive note but turned negative after the first hour, maintaining a weak stance throughout the day. Investors were primarily focused on the Federal Reserve's upcoming policy announcement and the U.S. consumer price inflation data scheduled for later in the week.
The benchmark Swiss Market Index (SMI) saw an early high of 12,181.69 but ended the session down by 64.82 points or 0.53%, closing at 12,072.92. During the day's trading, the index hit a low of 12,031.82.
Stocks of SIG Group fell by approximately 4%, while Kuehne & Nagel saw a decline of 2.88%. Other notable decliners included Logitech International, Straumann Holding, Zurich Insurance Group, Lonza Group, Nestle, and Richemont, all of which lost between 1% and 1.4%.
Shares of UBS Group dropped nearly 1%. The group reportedly finalized the transition to a single U.S. intermediate holding company on June 7, as a step in its integration of Credit Suisse. UBS plans to merge its UBS Switzerland unit with Credit Suisse (Schweiz) by July 1.
Alcon shares slid nearly 1%, while Geberit, Lindt & Sprüngli, Swiss Re, and Swisscom also closed with notable declines.
Conversely, VAT Group gained about 1.2%, and Roche Holdings, Sonova, and Partners Group managed to post modest gains.
