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Germany's benchmark DAX plunges

English.news.cn   2014-08-01 07:38:35

FRANKFURT, July 31 (Xinhua) -- The benchmark DAX index at the Frankfurt Stock Exchange dropped Thursday by 186.20 points, down by 1.94 percent.

The German stock market found no support on the whole trading day which was marked by weak quarterly figures of DAX companies. The index lag exclusively in negative territory, fell even below 9,400 points during the day and closed at 9,407.48 points.

The sportwear giant Adidas AG slashed Thursday its annual net profit forecast to about 650 million euros (871 million U.S. dollars), much lower than previous guidance for between 830-930 million euros, and issued a profit warning that the Ukraine crisis and Western tensions with Russia, one of its key markets, would weigh on its business.

Investors were shocked and shares price plunged 15.37 percent to 59.41 euros, topping the DAX fallers.

Lufthansa AG followed with a slump by 7.33 percent. The German airline said Thursday that its second-quarter net profit fell from a year earlier due to strikes, adverse currency effects and overcapacity on its North American and European routes, turning down the outlook for the year in operating profit, from 1.3 billlion euros to 1 billion euros.

The semiconductor manufacturer Infineon Technologies AG, the agricultural chemical and salt company K+S Aktiengesellschaft, the building materials company HeidelbergCement AG also belonged to the top five fallers, down by 4.10 percent, 3.16 percent and 2.97 percent respectively.

Only the medical and health care suppliers Fresenius SE & Co. KGaA and Fresenius SE & Co. KGaA magaged to have an increase, climbing up by 3.66 percent and 2.61 percent respectively.

“There are concerns of investors about a state bankruptcy of Argentina,” said the German business daily Handelsblatt, and investor sentiment remained cautious on the eve of the crucial U.S. non-farm payrolls data, which is a major indicator of the health of the world's biggest economy.

The turnover stood at 5.01 billion euros. (1 euro = 1.34 U.S. dollars)

Editor: An
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