German shares almost unchanged at start of trading

Source: Xinhua| 2019-09-10 18:06:28|Editor: ZX
Video PlayerClose

BERLIN, Sept. 10 (Xinhua) -- German stocks were almost unchanged at the start of trading on Tuesday, with the benchmark DAX index rising by 15.22 points, or 0.12 percent, opening at 12,210.88 points.

The biggest winner among Germany's largest 30 companies was financial service provider Wirecard, increasing 0.29 percent, followed by industrial gas producer Linde with 0.22 percent and utility E.ON with 0.20 percent.

However, shares of Wirecard dropped below minus 3 percent shortly after trading commenced. The U.S. investment bank JP Morgan Monday included Wirecard to its valuation list with a "neutral" rating and found shares of the German payment service provider to be low-priced.

It would probably take several years before Wirecard caught up with the significant difference in valuation of similar stocks, according to JP Morgan analyst Sandeep Deshpande.

Shares of Covestro fell by 1.70 percent. The German producer of high-tech polymer materials was the biggest loser at the start of trading on Tuesday.

All German automotive stocks were up following the start of the International Motor Show 2019 in Frankfurt. Supplier Continental is among the DAX winners' list with an increase of almost 1.4 percent, while BMW, Volkswagen and Daimler also recorded increases.