Back
28 Jan 2015
DAX declines on poor earnings results, Siemens plunges almost 6%
FXStreet (Mumbai) - Germany’s benchmark index, the DAX edged lower, pulling away from fresh all-time highs reached in the previous session after weaker corporate earning results across the European region.
Currently, the DAX 30 traded at 10583.50 levels, down -0.42%, retreating from day’s high posted at 10728.80 levels. The DAX erased earlier gains and declined as major stocks fell on the back of dismal financial results. The index remains subdued in absence of major data later in the day.
The index is seen trading with a negative market breadth with an advance decline ratio of 9:21. Among major gainers, K+S AG lead the index gaining 0.60%, followed by RWE AG which rose 0.38%. On the losing end, Siemens slumped -5.93%, extending losses from the prior session when the German engineering company said its net profit for the most recent quarter declined almost 25%. Deutsche Boerse AG and Commerzbank declined about -1.81% each.
DAX Technical Levels
The index has an immediate resistance at 10810. Meanwhile, support is seen at 10439 levels and 10300 levels.
Currently, the DAX 30 traded at 10583.50 levels, down -0.42%, retreating from day’s high posted at 10728.80 levels. The DAX erased earlier gains and declined as major stocks fell on the back of dismal financial results. The index remains subdued in absence of major data later in the day.
The index is seen trading with a negative market breadth with an advance decline ratio of 9:21. Among major gainers, K+S AG lead the index gaining 0.60%, followed by RWE AG which rose 0.38%. On the losing end, Siemens slumped -5.93%, extending losses from the prior session when the German engineering company said its net profit for the most recent quarter declined almost 25%. Deutsche Boerse AG and Commerzbank declined about -1.81% each.
DAX Technical Levels
The index has an immediate resistance at 10810. Meanwhile, support is seen at 10439 levels and 10300 levels.