The pan-European STOXX 600 index shed 1.4 per cent, with tech stocks losing 3.8 per cent and some analysts attributing the drop to profit taking. — Reuters picFRANKFURT, May 5 ― European shares ended lower yesterday, with the technology sector having their worst day since late-October after a sudden drop in big US tech stocks.
“It's a combination of a sell-off on the winners of the past months... with the month of May and a 'nervous' positioning,” said Angelo Meda, portfolio manager at Banor SIM in Milan. Chipmaker Infineon fell 5.9 per cent and was among the top drags on the German index, after CEO Reinhard Ploss said he was expecting supply constraints in the automotive segment to only ease in the second half, with lost volumes likely to be made up in 2022.Miners rose 0.2 per cent, and oil and gas stocks fell the least, supported by strong resource prices as investors bet on a strong global rebound after massive vaccination drives in developed countries and unprecedented stimulus.
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