Stock exchange in Frankfurt - Dax takes a breather after record rally
The DAX's record-breaking run came to a halt on Thursday. Market participants spoke of a healthy pause for breath after the last seven days of gains. They consider the market situation to be partly overbought.
However, the loss for the leading index was small at 0.15 percent to 16,630.85 points around midday. The day before, the Dax had reached another record high of just over 16,727 points. Its year-end rally since the October low has so far brought investors a gain of 13.7 percent.
The MDax of medium-sized companies fell by 1.09 percent to 26,446.18 points on Thursday. The eurozone index EuroStoxx 50 fell by around 0.2 percent. Profit-taking after a poor performance on overseas stock markets initially characterized trading.
The biggest losers in the DAX so far this year were at the back of the pack: Zalando, Bayer and Siemens Energy fell by up to three percent. Investors want to present their balance sheets in a good light towards the end of the year, so poorly performing stocks do not fit into the portfolio.
Lufthansa shares fell by more than four percent in the MDax. JPMorgan had downgraded them twice from "overweight" to "underweight". Analyst Samuel Bland fears that significant capacity expansions in an environment of lower economic growth could put the yields of traditional airlines under pressure again.
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Source: www.stern.de
