German shares lose 0.76 pct at start of trading on Thursday

Source: Xinhua| 2020-11-19 18:56:57|Editor: huaxia

BERLIN, Nov. 19 (Xinhua) -- German stocks were off to a shaky start on Thursday, with the benchmark DAX index losing 100.18 points, or 0.76 percent, opening at 13,101.71 points.

The biggest winner among Germany's 30 largest listed companies at the start of trading was reinsurer Munich Re, increasing by 0.87 percent, followed by housing company Vonovia with 0.56 percent and stock exchange operator Deutsche Boerse with 0.15 percent.

On Thursday, U.S. investment bank Jefferies upgraded Vonovia from "Hold" to "Buy" and raised its price target from 60 to 66 euros (78.1 U.S. dollars).

According to analyst Thomas Rothaeusler, real estate companies had so far proved to be very robust in the coronavirus crisis. Shares of Vonovia were trading at 58 euros (68.6 dollars) per share at the start of trading on Thursday.

Shares of Allianz fell by 1.95 percent. The German insurance company was the biggest loser at the start of trading on Thursday.

Turnover in Germany's hotel and restaurant sector in September declined by almost 20 percent year-on-year and by 4.4 percent compared to the previous month, the country's Federal Statistical Office announced on Thursday.

The yield on German ten-year bonds went down 0.015 percentage points to minus 0.570 percent, and the euro was trading almost unchanged at 1.1854 U.S. dollars, increasing by 0.01 percent on Thursday morning. Enditem