BRUSSELS (dpa-AFX) - The Switzerland stock market ended slightly weak on Thursday, in line with the major markets in Europe, as worries about economic growth in the wake of a surge in coronavirus infections weighed on sentiment.
Investors were also digesting Swiss National Bank's monetary policy statement and reacting to Swiss exports data.
Switzerland's central bank kept its expansionary monetary policy stance as it expects the economy to contract the most in over five decades and inflation to remain more negative than forecast earlier, this year due to the impact of the coronavirus, or Covid-19, and the lockdown restrictions imposed to slow the pandemic.
The benchmark SMI ended down 15.69 points or 0.15% at 10,186.50 after scaling a high of 10,218.59 and a low of 10,131.68 in the session.
On Wednesday, the index ended with a gain of 167.90 points or 1.67% at 10,202.19, moving higher for a third straight session.
In today's session, Nestle declined 1%. Swiss Life Holding, Lonza Group and LafargeHolcim ended lower by 0.6 to 0.75%.
According to reports, Roche Holding's rheumatoid arthritis drug Actemra failed to help patients with early-stage COVID-19 pneumonia in an Italian study. However, the Swiss drugmaker is reportedly testing the medicine in another trial against the illness caused by the new coronavirus.
Roche said tha a second phase III study of Tecentriq in combination with chemotherapy met its primary endpoint of improved pathological complete response as initial treatment for people with early triple-negative breast cancer. The stock ended with a moderate loss.
Swisscom, Givaudan and Swatch Group moved up 1.2 to 1.3%, while SGS, Sika, Novartis and Richemont gained 0.6 to 1%.
In the midcap section, AMS declined more than 5% and Dufry ended nearly 4% down. Helvetia closed lower by about 2.8%, while Sonova, Logitech and Dorma Kaba Holding lost 1 to 1.2%.
On the other hand, Kuehne & Nagel surged up 4.75%. PSP Swiss Property and Georg Fischer climbed up 2.5% and 2.1%, respectively, while Sunrise Communications ended nearly 2% up.
The Swiss National Bank left the key interest rate unchanged at -0.75%, in line with economists' expectations, and said it remains willing to intervene more strongly in the foreign exchange market due to the high valuation for the Swiss franc.
'The SNB's expansionary monetary policy remains necessary to ensure appropriate monetary conditions in Switzerland,' the central bank said in a statement.
The central bank has provided banks with around CHF 10 billion in liquidity at the policy rate since the launch of the Covid-19 refinancing facility.
Data from the Federal Customs Administration showed Switzerland's exports declined for the fourth straight month, though at a softer pace in May. Exports decreased by a real 0.2% month-on-month in May, following a 9.9% fall in April. Imports grew 13% monthly in May, after a 17.5% fall in the previous month.
Copyright RTT News/dpa-AFX