Switzerland's blue-chip Swiss Market Index (SMI) reached a new intraday record of 15,092.56 on Thursday, 5 November, before giving back its gains and closing lower, AD HOC NEWS reported, citing finanzen.ch.

The index opened at 15,061.17 and climbed to the record high in mid-morning trading, then fell as low as 14,947.41 before recovering slightly to close at 14,967.73. That was down 55.12 points, or 0.37%, from the previous close of 15,022.85, taking the SMI back below the 15,000-point mark on the same day it set the record.

The pullback was led by technology and financial shares. Investors grew more cautious about artificial intelligence investment after the Democrats' success in the United States midterm elections, with some market participants fearing tighter regulation could make data-centre construction harder or delay projects, according to an AWP report published by finanzen.ch.

ABB fell 4.2% after Chinese authorities blocked the planned sale of its robotics business to SoftBank, while UBS declined 3.4% and Logitech lost 3.3%. Julius Baer ended down 4.7%, and other technology and data-centre suppliers, including VAT, Comet, Inficon and AMS Osram, also recorded significant losses, dpa-AFX reported.

Defensive shares limited the damage. Swiss Re rose 2.0% after reporting better-than-expected earnings, Swisscom gained 3.3% after its results and outlook, and Nestle added 1.6%, while Roche slipped 1.1%. Eleven SMI constituents advanced, compared with nine decliners.

The record came a day after the index had closed 1.90% higher at 15,022.85 on Wednesday, following the midterm result. On the economic front, Swiss unemployment held steady at 3.0% in October for a third straight month, according to data from the State Secretariat for Economic Affairs, against 2.9% a year earlier.