German shares lose 0.38 pct at start of trading on Friday

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BERLIN, July 10 (Xinhua) — German stocks were off to a shaky start on Friday, with the benchmark DAX index losing 47.24 points, or 0.38 percent, to open at 12,442.22 points.

DAX shares were up 2 percent at the start of trading this week but the index decreased continually over the course of the week, shrinking by 2.6 percent.

The biggest winner among Germany’s 30 largest listed companies at the start of trading was chipmaker Infineon, increasing by 1.13 percent, followed by aircraft engine manufacturer MTU Aero Engines with 0.78 percent and utility E.ON with 0.45 percent.

On Friday, U.S. bank JP Morgan confirmed its “overweight” rating for Infineon and set a price target of 28 euros per share. Shares of Infineon have already doubled in value since mid-March when the coronavirus pandemic in Germany reached its peak and were trading at around 22 euros per share on Friday.

Shares of Wirecard fell by 10.74 percent. The German financial service provider was among the biggest losers at the start of trading on Friday, followed by Deutsche Bank and carmaker Daimler, decreasing by 1.57 and 1.48 percent respectively.

Construction prices for residential buildings in May increased by 3 percent year-on-year, the Federal Statistical Office (Destatis) announced on Friday. In April, turnover in Germany’s main construction industry had increased by 2.4 percent year-on-year.

The yield on German ten-year bonds went down 0.022 percentage points to minus 0.482 percent, and the euro was trading almost unchanged at 1.1286 U.S. dollars, increasing by 0.01 percent on Friday morning. Enditem

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