German shares flat at start of trading on Monday

Source: Xinhua| 2019-10-28 18:43:47|Editor: xuxin
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BERLIN, Oct. 28 (Xinhua) -- Following an increase of more than 2 percent during last week, German stocks started flat into this week's trading with the benchmark DAX index rising by 2.89 points, or 0.02 percent, opening at 12,897.40 points on Monday morning.

The biggest winner among Germany's largest 30 companies at the start of trading was stock exchange company Deutsche Boerse, increasing 1.20 percent, followed by chemical giant BASF with 0.78 percent and the world's largest reinsurer Munich Re with 0.40 percent.

Shares of Covestro fell by 1.73 percent and the German plastics specialist was the biggest loser at the start of trading on Monday. Shortly after trading commenced, however, shares of Covestro went up by more than 2 percent.

On Monday, Covestro published its business figures for the third quarter and announced that turnover had declined by 14.6 percent to a total of 3.2 billion euros as operational profits plummeted by more than 50 percent to 425 million euros.

The German stock exchange company Deutsche Boerse is scheduled to publish its financial results for the third quarter of 2019 on Monday.

The euro increased by 0.08 percent on Monday morning local time, trading at 1.1089 U.S. dollars.

Germany's Federal Statistical Office (Destatis) announced on Monday that import prices in Germany declined year-on-year by 2.5 percent in September.

The lower prices for imports to Germany had been mainly attributable to the "development of import prices for energy," which had decreased by more than 19 percent in September 2019 when compared to last year, according to Destatis.