Swiss stocks were little changed, trading near their highest valuations since the end of 2008, as data showed a Swiss economic gauge increased to its highest level in more than two years.
Dottikon ES Holding AG (DESN) slipped 2.3 percent after the chemicals company posted a six-month net loss.
The Swiss Market Index (SMI) fell less than 0.1 percent to 8,254.10 at 9:52 a.m. in Zurich. The equity benchmark has climbed 0.2 percent this month and 21 percent this year.
Switzerland’s KOF economic indicator, which seeks to predict the direction of the economy about six months ahead, rose for an eighth month to 1.85 in November from a revised 1.71 in October, according to the KOF Swiss Economic Institute in Zurich. That’s the highest level since July 2011 and exceeded the 1.81 median projection in a Bloomberg survey.
The SMI is trading at 16.2 times estimated earnings, compared with a five-year average of 13.2 times. The gauge on Oct. 28 traded at 16.3 times projected profit, its highest price-earnings ratio since December 2008.
The volume of shares changing hands in SMI-listed companies was 63 percent lower than the 30-day average, according to data compiled by Bloomberg.
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