German shares open flat

0 Comment(s)Print E-mail Xinhua, October 17, 2019
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BERLIN, Oct. 17 (Xinhua) -- German stocks solidified this week's slight gains and opened almost unchanged at the start of trading with the benchmark DAX index losing by 14.79 points, or 0.12 percent, opening at 12,655.32 points on Thursday morning local time.

The biggest winner among Germany's largest 30 companies was chip manufacturer Infineon, increasing 0.38 percent, followed by financial service provider Wirecard with 0.33 percent and Germany's largest car manufacturer Volkswagen with 0.24 percent.

Following a report about fraudulent accounting practices at Wirecard in Dubai and Ireland on Tuesday, shares of Wirecard had plummeted by around 20 percent. The company has denied the allegations but the uncertainty among investors remains.

Shortly after trading started on Thursday, shares of Wirecard fell by more than 2 percent to just above 120 euros. In June, shares of the German payment service provider had still been traded at more than 160 euros.

The euro declined slightly by 0.02 percent on Thursday morning local time, trading at 1.1070 U.S. dollars.

Germany's Federal Statistical Office announced on Thursday that the stock of orders at German companies in the manufacturing sector declined by 0.3 percent month on month in August.

Germany's economic minister Peter Altmaier is scheduled to present the economic forecast for Germany in 2019. Back in April 2019, the German government had estimated that the Germany's gross domestic product will only grow by 0.5 percent after a growth of 1.5 percent in 2018. Enditem

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