The Swiss Market Index (SMI) ended Monday’s session 0.4% lower, extending losses from the previous week’s record close as heavyweight Nestlé weighed on blue chips.
Trading volumes were modest, with 19 of the index’s 20 components declining. Nestlé, the largest SMI constituent by market capitalization, fell 0.7% after a muted start to the week. The broader decline reflected a cautious tone among European peers, with investors awaiting fresh macroeconomic data and corporate earnings guidance.
The SMI’s retreat followed a strong performance last week, when it set an intraday record at 12,345.20 points. Analysts attributed Monday’s dip to profit-taking after the index’s recent rally, though no single catalyst was identified. The Swiss franc’s stability against the euro and dollar also provided limited support to export-oriented sectors, which underperformed during the session.
By 17:30 CET, the SMI stood at 12,295.80 points, down 49.40 points from Friday’s close. The index remains up 8.2% year-to-date, outperforming many European benchmarks despite Monday’s pullback.
