Swiss Market Index
| Swiss Market Index | |
|---|---|
| base data | |
| Country | Switzerland |
| Stock exchange | SIX Swiss Exchange |
| ISIN | CH0009980894 |
| WKN | 969000 |
| symbol | SMI |
| RIC | ^ SSMI |
| Bloomberg code | SMI <INDEX> |
| category | Stock index |
| Type | Price index |
| family | Swiss Market Indices |
As a blue-chip index, the Swiss Market Index ( SMI ) is the most important share index in Switzerland . The index base is 1500 points as of June 30, 1988. In contrast to the DAX, it is a price index , dividends are not included in the index.
calculation
The Swiss Market Index (SMI) tracks the 20 largest and most liquid stocks from the SPI large and mid-cap segment. The SMI was normalized to 1500 index points on June 30, 1988. It is primarily available as a non- dividend-adjusted index (price index), but is also published as a performance index under the name SMIC (SMI Cum Dividend). The stocks contained in the SMI currently correspond to around 90 percent of the market capitalization and 90 percent of the trading volume of all Swiss and Liechtenstein equity securities listed on the SIX Swiss Exchange . Since the SMI is considered representative of the Swiss market, it is used as the base value for numerous financial products such as options , futures and index funds .
To be included in the SMI, a security must meet strict criteria in terms of liquidity and market capitalization. On the one hand, there must be at least 50 percent of the average SPI liquidity and, on the other hand, a minimum free float capitalization of 0.45 percent of the SPI capitalization. Furthermore, the quarterly ranking based on sales and capitalization is decisive. Since September 24, 2007, the SMI only contains the fixed number of 20 stocks. Before that, the number fluctuated between 18 shares (1993) and 29 shares (2000). The ranking, measured in terms of average capitalization and sales over the period of one year, is decisive for the affiliation of the companies to the SMI.
history
Historical overview
The Swiss Market Index (SMI) was first published on July 1, 1988. Milestones in the development of the SMI were October 5, 1993, when the index closed above the 2500 point mark for the first time, and May 5, 1997, when it ended trading above the 5000 point mark for the first time. In the following years the index marked further record levels. On March 27, 1998, it closed above the 7500 point mark for the first time. By August 23, 2000, the SMI rose to a closing level of 8377.00 points.
After the speculative bubble in the technology sector ( dot-com bubble ) burst , the index fell to a low of 3675.43 points by March 12, 2003. That was a decrease of 56.1 percent since August 2000. March 12, 2003 means the end of the downward slide. From the spring of 2003, the SMI began to rise again. By June 1, 2007, the share index rose to a closing level of 9531.46 points. Since the low in March 2003, the profit is 159.3 percent.
In the course of the international financial crisis , which had its origins in the US real estate crisis in summer 2007, the SMI began to decline again. On February 17, 2009, the SMI ended trading below the limit of 5000 points. The index reached a new low on March 9, 2009, when it closed at 4307.67 points. Since June 1, 2007 this corresponds to a decrease of 54.8 percent. March 9, 2009 marks the turning point of the downward trend. As of spring 2009, the SMI was on the way up again. By April 15, 2010 it rose by 61.7 percent to a closing level of 6967.56 points.
The euro crisis from 2010 and the slowdown in the global economy from 2011 led to a slump in the Swiss benchmark index. On August 8, 2011, the SMI ended trading at 4967.99 points. The loss since the peak on April 15, 2010 is 28.7 percent. The announcement of new bond purchase programs by the European Central Bank and the US Federal Reserve , which are basically unlimited, led to a recovery in prices on the stock market. The monetary impulses played a bigger role in price formation than the global economic slowdown and the state of companies. On January 11, 2013, the index closed at 7188.22 points, 44.7 percent higher than on August 8, 2011.
Highs
The overview shows the all-time highs of the SMI.
| Points | date | |
|---|---|---|
| in the course of trading | 10091.48 | Wednesday 3rd July 2019 |
| on a closing price basis | 11270.00 | Thursday, February 20, 2020 |
Milestones
The table shows the milestones of the SMI since 1988.
| First close over |
Final score in points |
date |
|---|---|---|
| 1500 | 1500.00 | June 30, 1988 |
| 2000 | 2015.70 | December 14, 1992 |
| 2500 | 2521.30 | 5th October 1993 |
| 3000 | 3007.30 | 5th January 1994 |
| 3500 | 3581.90 | March 7, 1996 |
| 4000 | 4007.10 | January 16, 1997 |
| 4500 | 4514.60 | February 17, 1997 |
| 5000 | 5029.60 | May 5, 1997 |
| 5500 | 5511.10 | June 19, 1997 |
| 6000 | 6012.60 | July 8, 1997 |
| 6500 | 6508.70 | January 28, 1998 |
| 7000 | 7065.40 | February 25, 1998 |
| 7500 | 7530.30 | March 27, 1998 |
| 8000 | 8038.20 | July 1, 1998 |
| 8500 | 8511.05 | October 5, 2006 |
| 9000 | 9032.81 | January 12, 2007 |
| 9500 | 9531.46 | June 1, 2007 |
| 10,000 | 10020.93 | 2nd July 2019 |
| 10500 | 10506.93 | November 26, 2019 |
| 11000 | 11012.36 | February 6, 2020 |
The best days
The table shows the best days of the SMI since 1988.
| rank | date | Final score in points |
Change in points |
Change in% |
|---|---|---|---|---|
| 1 | Oct 13, 2008 | 5956.32 | 609.10 | 11.39 |
| 2 | Oct 6, 1998 | 5523.70 | 397.20 | 7.75 |
| 3 | Sep 24 2001 | 5452.66 | 342.42 | 6.70 |
| 4th | Oct 17, 2008 | 6099.62 | 381.09 | 6.66 |
| 5 | July 25, 2002 | 4906.33 | 298.50 | 6.48 |
| 6th | Nov 24, 2008 | 5466.40 | 322.38 | 6.27 |
| 7th | Oct 29, 2008 | 5880.57 | 342.03 | 6.18 |
| 8th | 19 Sep 2008 | 7025.17 | 401.92 | 6.07 |
| 9 | Oct 12, 1998 | 5737.90 | 318.90 | 5.89 |
| 10 | 14 Mar 2003 | 4015.39 | 222.07 | 5.86 |
| 11 | Jan. 3, 2003 | 4899.53 | 268.78 | 5.80 |
| 12 | Oct 15, 2002 | 4996.30 | 272.36 | 5.77 |
| 13 | Jan. 17, 1991 | 1363.40 | 74.00 | 5.74 |
| 14th | Aug 6, 2002 | 5127.23 | 278.19 | 5.74 |
| 15th | 26 Sep 2002 | 4899.08 | 254.50 | 5.48 |
| 16 | Oct 31, 2008 | 6153.21 | 310.87 | 5.32 |
| 17th | Oct 11, 2002 | 4769.53 | 236.35 | 5.21 |
| 18th | Dec 8, 2008 | 5818.82 | 287.98 | 5.21 |
| 19th | Oct 14, 2008 | 6260.22 | 303.90 | 5.10 |
| 20th | 7th Mar 1996 | 3581.90 | 173.60 | 5.09 |
The worst days
The table shows the worst days of the SMI since 1988.
| rank | date | Final score in points |
Change in points |
Change in% |
|---|---|---|---|---|
| 1 | Oct 16, 1989 | 1622.90 | −191.30 | −10.54 |
| 2 | March 12 2020 | 8270.44 | -882.06 | -9.64 |
| 3 | Jan 15, 2015 | 8400.61 | -797.59 | −8.67 |
| 4th | Aug 19, 1991 | 1587.40 | −138.80 | −8.04 |
| 5 | Oct 10, 2008 | 5347.22 | −451.62 | −7.79 |
| 6th | Sep 11 2001 | 5695.06 | -433.26 | -7.07 |
| 7th | Oct 6, 2008 | 6458.72 | −421.10 | −6.12 |
| 8th | Jan. 16, 2015 | 7899.59 | -501.02 | -5.92 |
| 9 | 22 Mar 2001 | 6574.03 | −391.22 | −5.62 |
| 10 | July 19, 2002 | 4976.27 | −295.20 | −5.60 |
| 11 | Oct 15, 2008 | 5911.17 | -349.05 | -5.58 |
| 12 | July 22, 2002 | 4699.70 | −276.57 | −5.56 |
| 13 | 9 Mar 2020 | 9196.60 | −540.22 | −5.55 |
| 14th | Oct 8, 2008 | 6073.45 | -354.31 | -5.51 |
| 15th | 2nd Mar 2009 | 4438.27 | -252.40 | -5.38 |
| 16 | 21 Sep 2001 | 5110.24 | −288.90 | −5.35 |
| 17th | Jan. 21, 2008 | 7287.14 | −404.84 | −5.26 |
| 18th | Aug 27, 1998 | 6845.00 | −367.40 | −5.09 |
| 19th | 21 Sep 1998 | 6021.50 | −321.20 | −5.06 |
| 20th | 17th Mar 2008 | 6774.26 | −357.77 | −5.02 |
| 21st | 24 Mar 2003 | 4230.70 | −222.58 | −5.00 |
| 22nd | Dec 1, 2008 | 5527.58 | −289.02 | −4.97 |
| 23 | Oct 1, 1998 | 5486.00 | −274.40 | −4.76 |
| 24 | Sep 14 2001 | 5628.32 | −279.15 | −4.73 |
| 25th | 17 Sep 1998 | 6405.20 | −313.40 | −4.67 |
| 26th | 29 Sep 2008 | 6500.13 | −315.39 | −4.63 |
| 27 | Oct 28, 1997 | 5279.70 | −253.80 | −4.59 |
| 28 | Oct 9, 2008 | 5798.84 | −274.61 | −4.52 |
Annual development
The table shows the annual development of the SMI since 1988.
| year | Final score in points |
Change in points |
Change in% |
|---|---|---|---|
| 1988 | 1435.40 | ||
| 1989 | 1778.10 | 342.70 | 23.87 |
| 1990 | 1383.10 | −395.00 | −22.21 |
| 1991 | 1670.10 | 287.00 | 20.75 |
| 1992 | 2105.40 | 435.30 | 26.06 |
| 1993 | 2956.70 | 851.30 | 40.43 |
| 1994 | 2629.30 | −327.40 | −11.07 |
| 1995 | 3299.20 | 669.90 | 25.48 |
| 1996 | 3942.20 | 643.00 | 19.49 |
| 1997 | 6265.50 | 2323.30 | 58.93 |
| 1998 | 7160.70 | 895.20 | 14.29 |
| 1999 | 7570.10 | 409.40 | 5.72 |
| 2000 | 8135.37 | 565.27 | 7.47 |
| 2001 | 6417.84 | −1717.53 | −21.11 |
| 2002 | 4630.75 | −1787.09 | −27.85 |
| 2003 | 5487.81 | 857.06 | 18.51 |
| 2004 | 5693.17 | 205.36 | 3.74 |
| 2005 | 7583.93 | 1890.76 | 33.21 |
| 2006 | 8785.74 | 1201.81 | 15.85 |
| 2007 | 8484.46 | −301.28 | −3.43 |
| 2008 | 5534.53 | −2949.93 | −34.77 |
| 2009 | 6545.91 | 1011.38 | 18.27 |
| 2010 | 6436.04 | −109.87 | −1.68 |
| 2011 | 5936.23 | −499.81 | −7.77 |
| 2012 | 6822.44 | 886.21 | 14.93 |
| 2013 | 8202.98 | 1380.54 | 20.24 |
| 2014 | 8983.37 | 780.39 | 9.51 |
| 2015 | 8818.09 | −165.28 | −1.84 |
| 2016 | 8219.87 | −598.22 | −6.78 |
| 2017 | 9381.87 | 1162 | 14.14 |
| 2018 | 8429.30 | −952.57 | −10.15 |
| 2019 | 10616.94 | 2187.64 | 25.95 |
composition
The SMI consists of the following companies (as of March 23, 2020).
| rank | Surname | Branch | logo | Index weighting in% |
|---|---|---|---|---|
| 1 | Nestlé | food |  |
18.36 |
| 2 | Novartis | pharmacy |  |
17.74 |
| 3 | Hoffmann-La Roche | pharmacy |  |
17.44 |
| 4th | Zurich Insurance Group | Insurance |  |
6.06 |
| 5 | UBS | Banks |  |
4.15 |
| 6th | FIG | Electrical engineering |  |
4.03 |
| 7th | Richemont | Luxury goods |  |
4.00 |
| 8th | Lonza | chemistry |  |
3.60 |
| 9 | Givaudan | chemistry |  |
3.42 |
| 10 | Alcon | pharmacy |  |
2.86 |
| 11 | Sika | chemistry |  |
2.61 |
| 12 | Swiss Re | Insurance |  |
2.46 |
| 13 | Credit Suisse | Banks |  |
2.30 |
| 14th | LafargeHolcim | Building materials |  |
2.26 |
| 15th | Geberit | Sanitary engineering |  |
2.15 |
| 16 | SGS | Services |  |
1.93 |
| 17th | Swisscom | telecommunications |  |
1.84 |
| 18th | Swiss Life Holding | Insurance |  |
1.25 |
| 19th | Swatch Group | Clocks |  |
0.78 |
| 20th | Adecco | Services |  |
0.77 |
Web links
- Portraits and information on all SMI companies in finance and business
- Index for finance and economy
- Index at cash.ch
- Index in real time at finanzen.ch
- Michael Rasch: 25 years of SMI. The Swiss leading index is celebrating its anniversary. In: Neue Zürcher Zeitung from June 21, 2013
Individual evidence
- ↑ SIX Swiss Exchange: Regulations SMI index family (PDF; 198 kB)
- ↑ SIX Swiss Exchange: SWX Message No. 01/2007: Restructuring (PDF; 52.5 kB)
- ↑ a b c d e SIX Swiss Exchange: SMI® - The Blue Chip Index
- ↑ Yahoo: Historical prices from 1990
- ↑ 1Stock1: SMI Swiss Index (Switzerland) Yearly Returns
- ^ Exchange Services - Historical Baskets - Equity Basic. Retrieved July 9, 2020 .