German shares down 0.31 pct as trading starts

Source: Xinhua| 2019-11-08 20:34:28|Editor: xuxin
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BERLIN, Nov. 8 (Xinhua) -- German stocks were off to a shaky start on Friday, with the benchmark DAX index losing by 40.84 points, or 0.31 percent, opening at 13,248.62 points.

The biggest winner among Germany's largest 30 companies was technology giant Siemens, increasing 0.56 percent, followed by luxury car maker BMW with 0.22 percent and utility RWE with 0.04 percent.

Following the publication of its third-quarter results, shares of Allianz, the country's largest insurance company, fell by 1.80 percent, making it the biggest loser at the start of trading.

Turnover at Allianz increased by 8.1 percent year-on-year to a total of 33.4 billion euros (36.8 billion U.S. dollars) and operational profits stagnated at slightly under 3.0 billion euros in the third quarter.

Allianz is ready to reach the upper half of the company's operating profit outlook "despite a significant increase in external challenges," said the company's chief executive officer Oliver Baete.

The euro increased slightly by 0.01 percent on Friday morning local time, trading at 1.1052 dollars.

Exports from Germany amounted to 114.2 billion euros in September, an increase of 1.5 percent over the previous month and up by 4.6 percent compared with the same period of 2018, according to German Federal Statistical Office.

Imported goods to Germany stood at 93.0 billion euros in September, resulting in a foreign trade surplus of 21.1 billion euros.