Dax erholt sich leicht – Halbleiterwerte unter Druck

Dax Shows Recovery

On Thursday, the Dax was able to recover from its weak previous day and temporarily approached the 25,000-point mark. Thanks to the high price gains of heavyweight SAP shares, the index rose by 0.57 percent to 24,936 points in the afternoon. The MDax, which represents medium-sized companies, also increased by 0.27 percent to 32,823 points. The EuroStoxx 50, the leading index for the Eurozone, also recorded an increase of around 0.5 percent.

Semiconductor Stocks Under Pressure

The semiconductor stocks, which had recently benefited from the AI rally, had to take setbacks now. Infineon shares lost 5.7 percent at the end of the Dax, although they remain the strongest stock in the Dax with a gain of 120 percent this year. The uncertainty about the future development in the AI sector, especially after a rather disappointing outlook from Broadcom, also weighed on market sentiment in Germany.

SAP and Scout24 as Winners

In contrast, SAP shares were able to gain 5 percent, underscoring the importance of software companies in times of semiconductor losses. Market analyst Andreas Lipkow from CMC Markets emphasizes that investors are betting on a renaissance of cloud providers and software companies following the declines in the semiconductor sector.

Scout24, the internet portal, also enjoyed positive price development, gaining 3.9 percent. Goldman Sachs has issued a buy recommendation for the company and anticipates double-digit profit growth.

Index Changes in Focus

In the German market, upcoming index changes coming into effect on June 22 are also in focus. The shares of the construction company Hochtief will be included in the Dax, while the shares of the VW holding company Porsche SE will have to drop to the MDax. Hochtief recorded a decline of 1.2 percent on Thursday but has tripled in value over the past year. The company particularly benefits from its US subsidiary Turner and the booming investments in AI infrastructure.

New Players in the MDax

New in the MDax will be the shares of chip company Elmos Semiconductor, wafer manufacturer Siltronic, and semiconductor supplier Suss Microtec. In return, the shares of online pharmacy Redcare Pharmacy, advertising marketer Ströer, and forklift manufacturer Jungheinrich will have to drop to the small-cap index SDax.

Puma Benefits from Buy Recommendation

A buy recommendation from Citigroup helped Puma shares rise by 5.4 percent. Analyst Monique Pollard sees medium-term opportunities in China for the sportswear manufacturer, especially following the entry of the Chinese company Anta. This development could be of great interest to investors as it underscores Puma’s growth potential in one of the largest consumer goods markets in the world.