FRANKFURT / LONDON (IT BOLTWISE) – The DAX suffered a setback on Tuesday as concerns about high valuations in the US technology sector unsettled investors. Despite a strong start to the week, the DAX was unable to exceed the 24,000 point mark and closed with a loss of 0.76 percent at 23,949.11 points. Analysts see the index as a showdown between optimistic buyers and skeptical sellers.
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The DAX, Germany’s leading stock index, came under pressure on Tuesday and fell to 23,949 points. This came amid concerns about high valuations in the US technology sector, which caused caution among investors worldwide. Despite a strong start to the week, the DAX was unable to exceed the important mark of 24,000 points and closed with a loss of 0.76 percent.
Analysts like Christine Romar from CMC Markets see the DAX as the scene of a showdown between optimistic buyers and skeptical sellers. Above the 24,000 point mark, even small market developments tend to lead to profit-taking, while if the price falls below it, bargain hunters support the price, but their patience will be strained if the price falls further.
The MDax, which tracks medium-sized companies, recorded a loss of 1.37 percent and closed at 29,427.53 points. The EuroStoxx 50, which includes the 50 largest listed companies in the euro zone, fell by 0.34 percent to 5,660.20 points. While the indices in Zurich and London recorded slight gains, the Dow Jones Industrial in the USA lost ground slightly and technology stocks on the Nasdaq came under greater pressure.
Fresenius Medical Care (FMC), whose shares fell by 9.9 percent, was particularly hard hit. Despite positive quarterly figures, weak growth in the US market remains a key problem. Nemetschek’s outlook was not raised, which weighed on the stock despite solid results. Nordex remained unchanged, while Elmos Semiconductor saw its share price gain 13.2 percent with an optimistic free cash flow forecast.
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