DAX dives over 4 pct, below key 2,200 level
(Reuters 03/12 07:21:54)
FRANKFURT, March 12 (Reuters) - Germany's DAX plunged over
four percent on Wednesday, falling through key psychological
support at 2,200 points to a fresh seven-year-low as Siemens
<SIEGn.DE>, E.ON <EONG.DE> and Bayer <BAYG.DE> withered amid
fear of a war in Iraq.
The DAX <.GDAXI> fell as much as 4.62 percent to 2,198.74
points, its lowest level since late November 1996. The fall
wiped 13.8 billion euros off the market value of Germany's top
30 companies.
Merrill Lynch said in research report that the DAX's fall
was now threatening to take on historic proportions.
"Should the DAX dip below 2,200, we calculate this bear
market would then exceed that of the 1930s," Merrill Lynch said.
((Marius Bosch, Frankfurt newsroom, +49 69 75651277,
frankfurt.newsroom@reuters.com))
REUTERS
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