28 Apr 2015
DAX dragged down by Deutsche Bank
FXStreet (Mumbai) - Germany’s benchmark index, the DAX opened slightly higher, however, gave back gains tracking losses from its other European counterpart after the downbeat UK's economic growth report and a raft of corporate news weighed on investors’ sentiments.
Currently, the DAX 30 trades lower by -0.62% at 11964 levels, retreating from 12049.50 session highs. The DAX wiped out gains and edged lower mainly driven by Deutsche bank after the ECB squashed hopes of the German bank to become a pure investment after the central bank's stress tests concluded that Germany's biggest lender would not withstand a severe financial crisis if it performed the radical revamp it planned.
The index is seen trading with a negative market breadth, the advance-decline ratio being 9:21. Daimler AG is the top gainer up 1.54%, followed by Siemens AG gaining 1%. On the losing end, Deutsche Bank AG is down -2.80%. While, Merck KGaA is down nearly -2.30%.
DAX Technical Levels
The index has an immediate resistance at 12100k. Meanwhile, support is seen at 11700 levels and 11580 levels.
Currently, the DAX 30 trades lower by -0.62% at 11964 levels, retreating from 12049.50 session highs. The DAX wiped out gains and edged lower mainly driven by Deutsche bank after the ECB squashed hopes of the German bank to become a pure investment after the central bank's stress tests concluded that Germany's biggest lender would not withstand a severe financial crisis if it performed the radical revamp it planned.
The index is seen trading with a negative market breadth, the advance-decline ratio being 9:21. Daimler AG is the top gainer up 1.54%, followed by Siemens AG gaining 1%. On the losing end, Deutsche Bank AG is down -2.80%. While, Merck KGaA is down nearly -2.30%.
DAX Technical Levels
The index has an immediate resistance at 12100k. Meanwhile, support is seen at 11700 levels and 11580 levels.