FRANKFURT (dpa-AFX) - Following Monday's losses, the German stock market remained largely resilient in early Tuesday trading. The Dax was virtually unchanged in the opening minutes, hovering at 24,617 points. A day earlier, the benchmark index had slumped to its lowest level in nearly three weeks, breaking below the 21-day moving average, a key indicator for short-term trends.
The MDax, which tracks mid-cap companies, edged down 0.2 percent to 32,050 points on Tuesday morning. Meanwhile, the Eurozone's blue-chip EuroStoxx 50 index rose by 0.4 percent.
'The Dax remains in search of a clear direction. Yesterday's initial price drop was evidently used by some bargain hunters as an entry point. Such buying interest is currently providing a solid floor for the Dax. On the upside, however, profit-taking has consistently kicked in quickly of late. As long as this pattern persists, no clear trend will emerge for the German benchmark,' commented market analyst Thomas Altmann of QC Partners./edh/stk
