BRUSSELS (dpa-AFX) - The Switzerland stock market edged higher after a flat start on Thursday, and its benchmark SMI hit a fresh all-time high as well in early trades. However, uncertainty over the U.S. and China agreeing on a long-term trade deal and worries about global economic slowdown pulled the market down into negative territory.
The SMI ended down 35.13 points, or 0.34%, at 10,219.82, after having declined to a low of 10,206.27 from an early high of 10,287.83.
On Wednesday, the SMI ended with a marginal loss, after posting gains in the previous seven sessions.
Credit Suisse declined 1.2% and ABB ended down 1.1%. Swiss Re ended lower by about 0.8% despite the company reporting a 23% year-on-year increase in net profit at $1.34 billion in the first nine months of the current financial year. The company had posted a net profit of $1.09 billion year in the corresponding period last year.
Novartis, Adecco, Zurich Insurance Group, Swiss Life Holding, Nestle and UBS Group shed 0.4 to 0.8%.
Geberit gained nearly 1% on better-than-expected quarterly results.
Richemont and Givaudan also closed higher. Swisscom gained about 0.7% after the company kept outlook for full-year 2019 unchanged.
In the midcap section, Clariant ended lower by about 2.8%. AMS declined 2.4% and BB Biotech shed 1.75%. Straumann Holding, Sonova and Ems Chemie Holding lost 1.1 to 1.3%.
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