The Swiss Stock Market Finished Slightly Higher Amidst Investor Caution

(RTTNews) - The Swiss stock market ended the first session of the new trading week with a modest increase. The market was range-bound for the bulk of the session, but climbed going into the close. However, the SMI wrapped up the month of August with an overall loss.

Renewed concerns over China weighed on investor sentiment Monday. The Chinese government has decided to abandon attempts to boost the stock market through large-scale share purchases. Investors are also concerned about the possibility of a near-term U.S. interest rate hike after the meeting of central bankers in Jackson Hole.

The Swiss Market Index climbed by 0.45 percent Monday and finished at 8,824.56. The SMI ended the month of August with an overall decrease of 6.4 percent. The Swiss Leader Index rose by 0.47 percent and the Swiss Performance Index added 0.46 percent.

The index heavyweights all ended the day with modest gains. Nestlé increased by 0.6 percent, Novartis climbed by 0.5 percent and Roche gained 0.3 percent.

Cyclical stocks performed well at the start of the new trading week. Syngenta lead the way, with an increase of 3.5 percent. However, the stock dropped by a total of 12 percent last week, after Monsanto abandoned its takeover attempt. Lonza climbed by 1.9 percent and Adecco added 1.6 percent.

Financial stocks turned in a mixed performance. Credit Suisse dipped by 0.2 percent and Julius Baer dropped by 0.9 percent. However, UBS climbed by 0.4 percent. Swiss Re gained 0.5 percent, but Zurich Insurance fell by 0.3 percent.

The luxury goods companies were under pressure due to the renewed concerns over China. Richemont declined by 0.9 percent and Swatch surrendered 1.0 percent.

Transocean finished with a loss of 0.4 percent on profit taking. The stock had surged by 13 percent on Friday, due to rising oil prices.