By Herbert Rude
FRANKFURT (Dow Jones) — On the German stock market, prices tended to hold up well on Tuesday. The DAX recovered somewhat from the setback at the start of the week, rising by almost 0.2 percent to 15,992 points. However, it remained in its sideways range around the 16,000 mark: “It is still unclear which direction the DAX will take,” says Thomas Altmann from QC Partners. As a result, many market participants remained under cover, while new investments and profit-taking were roughly balanced. In the second row, the forthcoming index revision moved prices.
In the DAX, Sartorius recovered by 2.8 percent. Behind them, MTU and Vonovia each rose by 1.6 percent. Merck by 1.5 percent, MTU and Symrise each gained 1.3 percent. On the other hand, Zalando lost another 2.2 percent, and shares in Porsche AG fell back 1.8 percent.
There will be four changes in the MDAX with effect from June 19: The shares of Evotec, Shop Apotheke, Krones and Software AG will then be included in the second row of the index. Evotec’s share price gained 1.5 percent. Shop Apotheke increased by 3.6 percent and Krones by 0.6 percent. Software AG, on the other hand, gave up 1 percent and will probably only be included in the MDAX temporarily due to the ongoing takeover bid. The shares of Aroundtown, Adtran, United Internet and Siltronic have to be relegated to the SDAX. Siltronic lost 2.5 percent and United Internet fell 2.9 percent. Adtran and Aroundtown, on the other hand, were able to recover after the heavy losses of the past few weeks.
Evotec is also returning to the TecDAX, displacing Suse shares there, which fell by 0.3 percent.
Morphosys at 2-year high
In the second row, Morphosys rose to its highest level since April 2022. With a plus of 5.1 percent to EUR 26.78, they now broke out significantly above the resistance zone at EUR 25. Dealers continued to refer to the UBS buy study from last week with a price target of 47 euros. The next technical resistance is now being found at the April 2022 high which stood at $27.04. This would clear the way for further processing of the bear market losses. The share fell from 120 euros in January 2020 to just under 12 euros last September. “Now, from a technical point of view, a bottom formation has been completed,” according to a market analyst.
On the other hand, profit-taking at SMA Solar increased: the price lost a further 7.2 percent. And in the third row, Pfandbriefbank suffered from a sell recommendation of Citigroup analysts with a minus of 5.7 percent.
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INDEX last +/- % +/- % YTD
DAX 15,992.44 +0.2% +14.86%
DAX future 16,028.00 +0.3% +13.88%
XDAX 16,011.26 +0.4% +15.44%
MDAX 27,102.01 -0.0% +7.90%
TecDAX 3,226.00 +0.1% +10.44%
SDAX 13,440.92 -0.0% +12.71%
last +/- ticks
Bund future 134.97 +20
Index winners losers and turnover million euros million shares previous day
DAX 24 15 1 2,120.5 52.2 64.6
MDAX 27 22 1,419.5 25.2 31.2
TecDAX 12 17 1,625.0 21.7 29.9
SDAX 30 34 6 106.4 7.0 6.0
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DJG/hru
(END) Dow Jones Newswires
June 06, 2023 11:49 ET (15:49 GMT)
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