29 C
New York
Thursday, June 30, 2022

Weak specs end Dax rally

- Advertisement -
- Advertisement -

Frankfurt am Main (dpa) – The most recent recovery phase in the Dax ended on Tuesday morning for the time being. The German leading index fell further in the morning and most recently dropped a good 2.3 percent to 13,603.93 points.

Heavy losses in technology stocks on overseas stock exchanges prompted renewed and growing caution among investors. In addition, there are no signs of progress in the negotiations on the Ukraine war.

With the current losses, the gains from the previous day are completely gone. The hope that the warring parties would come closer had given the Dax a good start to the week the day before. The leading German index even briefly approached the 14,100 point mark.

Stockbrokers cited weak specifications on overseas stock exchanges as a stress factor. A sell-off in China is hitting tech stocks in particular due to the Chinese government’s proximity to Russia, and on Wall Street, the tech-heavy Nasdaq 100 had fallen to its lowest since May 2021 the night before.

The stock market in general in Germany and European stock exchanges are currently suffering from this: the MDax of medium-sized German companies recently fell by 1.01 percent to 30,218.94 points. The euro zone’s leading index, the EuroStoxx 50, fell 1.37 percent to 3,689.82 points in the morning.

Fraport shares topped investors’ sales charts at a discount of more than nine percent. A record dividend from Wacker Chemie, on the other hand, attracted investors, with the stock rising another high since January and recently appearing as one of MDax’s favorites with a lead of more than three percent.

On the Dax, the few morning gainers were limited to minimal price premiums. As one of the index favourites, Deutsche Börse benefited from a buy recommendation. A canceled buy vote, on the other hand, dumped Heidelbergcement’s recently strong shares nearly 4.5 percent to the bottom of the index.

Overall technology weakness weighed on Infineon in Germany with a minus of around four percent. Other chip and software stocks like Siltronic, Compugroup, Software AG and Nemetschek saw discounts of more than two percent. S&T stood out in the back rows with a price increase of nearly 13 percent. According to an investigation by the auditing company Deloitte, the IT service provider is almost completely unaffected by the accusations of the financial investor Viceroy.

Source link

- Advertisement -

New Articles