BRUSSELS (dpa-AFX) - The Swiss stock market ended marginally lower on Friday, after staying in the red almost right through the session, with investors taking some profits after the benchmark recorded a new high earlier this week.
The SMI index ended lower by 14.22 points, or 0.14%, at 9,847.61, after swinging between 9,808.53 and 9,861.76. The index had hit a life-time high of 9,906.77 on Thursday.
ABB, which shed more than 2%, was the biggest loser in the SMI index. Swatch Group, UBS Group, Alcon and Lonza Group ended lower by 1 to 1.25%.
Credit Suisse, LafargeHolcim, SGS, Sika and Swisscom also closed weak.
Adecco shares moved up 1.85%. Novartis, Givaudan, Nestle and Swiss Life Holding finished modestly higher.
Swiss RE has confirmed that it wants to float its $4.5 billion UK life assurance business ReAssure and expects to complete a listing on the London Stock Exchange in July. Swiss RE shares edged down marginally in today's session.
Shares of AMS plunged more than 7.5% after U.S. chipmaker Broadcom slashed its revenue guidance for the full fiscal year, citing the impact of export restrictions on Huawei.
Most of the markets in Europe closed lower today amid rising concerns over geopolitical tensions and global economic slowdown due to the ongoing trade war between the U.S. and China.
A report showing China's industrial output growth to have slowed to a more than 17-year low of 5% in May hurt sentiment.
The pan European Stoxx 600 ended down 0.4%. Among the major markets in Europe, Germany ended notably lower with the DAX falling 0.6%. The U.K.'s FTSE 100 and France's CAC 40 ended lower by 0.31% and 0.15%, respectively.
Copyright RTT News/dpa-AFX