(RTTNews) – The Switzerland stock market snapped a three-day losing streak on Monday, as traders switched over to the buying mode ahead of a fresh round of U.S.-China trade talks.
Data showing Swiss consumer price inflation to have slowed down in the month of January aided sentiment.
The benchmark SMI ended up 65.21 points, or 0.72%, 9,068.62. The index scaled a low of 9,047.29 and a high of 9,098.44 in the session.
On Friday, SMI ended down 32.49 points, or 0.36%, at 9,003.41.
Julius Baer surged up 2.7%. Shares of IT security research firm SGS gained 2.15%. Sika advanced by about 2.05%, Geberit gained 1.6%, Swiss Life Holdings scored a gain of about 1.4% and UBS Group gaind 1.2%.
Straumann Holding shares jumped nearly 4% and Ems-Chemie Holding surged up 3.2%, while Aryzta, AMS and The Swatch Group gained 1.7 to 1.8%.
Roche, Nestle, Novartis, Zurich Insurance, LafargeHolcim, Swiss RE and ABB all ended notably higher on fairly strong volumes.
According to preliminary data from the Federal Statistical Office, Switzerland’s headline consumer price inflation slowed for a third straight month in January.
The data showed the consumer price index rose 0.6% year-on-year in January, after a 0.7% increase in December. The reading was in line with economists’ expectations.
Compared with the previous month, prices fell 0.3% in January, same as in the previous two months. Prices fell for a third month in a row.
The statistical office attributed the monthly decline to several factors including falling prices for clothing and footwear due to seasonal sales. Prices of heating oil and medicines decreased.
Meanwhile, prices for hotel accommodation and electricity rose in January, the data showed.