FRANKFURT (AFX) - German bluechips continued their decline in afternoon trade after US economic data fell short of expectations and Wall Street opened lower, traders said.
At 3.43 pm, the DAX was down 43.04 points, or 0.64 pct, at 6,672.45, after trading between 6,642.67 and 6,722.83 in the morning session.
The MDAX was up, gaining 14.48 points, or 0.15 pct, to 9,743.32, while the TecDAX dropped 12.25 points, or 1.47 pct, to 822.77.
DAX futures declined by 60 points, or 0.89 pct, to 6,677.00 as usd futures retreated 0.32 points or 0.27 pct to 116.47.
The euro was trading at 1.3202 usd against 1.3184 midday.
On the DAX, Commerzbank dropped to the bottom of the index, down 0.72 eur, or 2.27 pct, to 31.05, followed by Hypo Real Estate which lost 0.80 eur, or 1.71 pct, to 45.98.
Traders pointed towards the possible bankruptcy of US mortgage bank US Century Financial, which was pulling the sector.
Continental retreated 1.02 eur, or 1.08 pct, to 93.60 on profit-taking, dealers said.
TUI shed 0.27 eur, or 1.51 pct, to 17.59, followed by Bayer which declined 0.61 eur, or 1.36 pct, to 44.25.
Meanwhile, Altana rose to the top position in the afternoon as the company said it will pay out a dividend of 34.80 eur for the full-year 2006 - including 33 eur as a special dividend, dealers said.
Shares climbed 1.12 eur or 2.44 pct to 47hiomHi.11.
A Frankfurt-based trader said he did not understand the strong market reaction, stating that the announcement was, while exceeding expectations, not far ahead of them.
He added that speculation was probably partly responsible for the sharp upsurge of the stock.
MAN added 0.75 eur, or 0.88 pct, to 85.85 as its shares were upgraded to 'buy' from 'neutral' with a raised price target of 97 eur a share from 90 eur at UBS, dealers said.
Henkel joined the lead, gaining 1.30 eur, or 1.28 pct, to 102.70.
E.ON was the fourth and final advancer, up 0.11 eur, or 0.11 pct, to 98.98.
On the MDAX, meanwhile, Hochtief advanced in the afternoon, up 1.90 eur, or 2.92 pct, to 67.01.
One Frankfurt-based trader pointed towards rumours that major stakeholder August von Finck has finally found a buyer for his 25 pct stake, after announcing his willingness to sell in December.
SGL Carbon gained 0.31 eur, or 1.49 pct, to 21.09 as WestLB raised the target price for the stock to 30 eur from 26 and reiterated its 'buy' stance.
MTU Aero Engines climbed 0.61 eur, or 1.52 pct, to 40.61 after presenting solid full-year figures and a positive outlook, dealers said.
On the TecDAX, Solarworld lost 1.86 eur, or 3.06 pct, to 59.00 with Adva adding 0.15 eur, or 1.88 pct, to 8.15. patrizia.kokot@thomson.com pk/pk/slj COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
At 3.43 pm, the DAX was down 43.04 points, or 0.64 pct, at 6,672.45, after trading between 6,642.67 and 6,722.83 in the morning session.
The MDAX was up, gaining 14.48 points, or 0.15 pct, to 9,743.32, while the TecDAX dropped 12.25 points, or 1.47 pct, to 822.77.
DAX futures declined by 60 points, or 0.89 pct, to 6,677.00 as usd futures retreated 0.32 points or 0.27 pct to 116.47.
The euro was trading at 1.3202 usd against 1.3184 midday.
On the DAX, Commerzbank dropped to the bottom of the index, down 0.72 eur, or 2.27 pct, to 31.05, followed by Hypo Real Estate which lost 0.80 eur, or 1.71 pct, to 45.98.
Traders pointed towards the possible bankruptcy of US mortgage bank US Century Financial, which was pulling the sector.
Continental retreated 1.02 eur, or 1.08 pct, to 93.60 on profit-taking, dealers said.
TUI shed 0.27 eur, or 1.51 pct, to 17.59, followed by Bayer which declined 0.61 eur, or 1.36 pct, to 44.25.
Meanwhile, Altana rose to the top position in the afternoon as the company said it will pay out a dividend of 34.80 eur for the full-year 2006 - including 33 eur as a special dividend, dealers said.
Shares climbed 1.12 eur or 2.44 pct to 47hiomHi.11.
A Frankfurt-based trader said he did not understand the strong market reaction, stating that the announcement was, while exceeding expectations, not far ahead of them.
He added that speculation was probably partly responsible for the sharp upsurge of the stock.
MAN added 0.75 eur, or 0.88 pct, to 85.85 as its shares were upgraded to 'buy' from 'neutral' with a raised price target of 97 eur a share from 90 eur at UBS, dealers said.
Henkel joined the lead, gaining 1.30 eur, or 1.28 pct, to 102.70.
E.ON was the fourth and final advancer, up 0.11 eur, or 0.11 pct, to 98.98.
On the MDAX, meanwhile, Hochtief advanced in the afternoon, up 1.90 eur, or 2.92 pct, to 67.01.
One Frankfurt-based trader pointed towards rumours that major stakeholder August von Finck has finally found a buyer for his 25 pct stake, after announcing his willingness to sell in December.
SGL Carbon gained 0.31 eur, or 1.49 pct, to 21.09 as WestLB raised the target price for the stock to 30 eur from 26 and reiterated its 'buy' stance.
MTU Aero Engines climbed 0.61 eur, or 1.52 pct, to 40.61 after presenting solid full-year figures and a positive outlook, dealers said.
On the TecDAX, Solarworld lost 1.86 eur, or 3.06 pct, to 59.00 with Adva adding 0.15 eur, or 1.88 pct, to 8.15. patrizia.kokot@thomson.com pk/pk/slj COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
© 2007 AFX News
