SMI Index Rises 0.17% to 13,526 on May 26 as Holcim Leads

The Swiss Market Index rose 0.17% to 13,526 points on May 26, 2026, as investors balanced hopes for a Middle East peace deal against fresh military tensions. Construction stocks outperformed, with Holcim climbing 2.14%. The broader SPI index gained 0.23% to 19,097 points. Morning gains faded as traders remained cautious about the durability of peace negotiations.

Construction Stocks Drive the Advance

Holcim led the SMI with a 2.14% gain, while peers Sika and Amrize rose 1.77% and 1.56% respectively. The building sector benefited from optimism about economic recovery if Middle East tensions ease. Swiss Life, Richemont, and ABB also posted solid gains, each rising more than 1.2% on the day.

Geopolitical Tensions Limit Upside

The U.S. conducted self-defense strikes on Iranian missile launch sites and boats attempting to place mines near the Strait of Hormuz on May 26. These actions clouded hopes for an imminent peace deal, keeping traders cautious despite earlier optimism. Morning gains eroded as the day progressed, signaling investor skepticism about sustained market strength.

Broader Market Action and Standouts

In the wider market, LEM surged 24.85% after becoming a takeover target and reporting strong earnings tied to data center demand. ams-Osram fell 3.22% after a sharp rally from early April. Lindt & Sprüngli declined as both its registered shares and participation certificates faced selling pressure.

Global Tech Momentum Supports Sentiment

Memory chip stocks rallied globally as Micron Technology jumped 18% to $886.60 USD, topping $1 trillion in market value. UBS tripled its price target for Micron to $1,625 USD from $535 USD. The chip rally reflected strong demand for artificial intelligence infrastructure, providing tailwinds for Swiss tech and industrial holdings.

Final Thoughts

The SMI’s modest 0.17% gain reflects a market caught between peace deal optimism and military escalation fears. With construction stocks leading and tech momentum providing support, the index shows resilience, though trader caution suggests limited upside until geopolitical clarity emerges.

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