After European stocks recorded one of their biggest loss on Monday, the tech sector in the region continued to slump despite the optimism brought by the results of the French and Italian elections.
Other European stocks also traded down on Monday in the middle of the tech stock selloff due to the growing uncertainty in the United Kingdom’s political scene after the results of the general elections held last week.
The decline in European stocks was brought by the massive tech stock sell-off in the United States. Among the biggest stocks that fell on Friday includes Apple (NASDAQ:AAPL) whose shares fell by almost 4% which was the stock’s biggest drop in the past year. Shares of the iPhone-maker traded 2% lower during Monday’s pre-market trading.
German stocks on the DAX were among the biggest losers with the index falling by as much as 0.98% led by losses from the retail, software, and technology sector. The DAX volatility index which measures the volatility of the DAX options gained 9.40%.
The FTSE 100 in London also experienced losses with some of the tech stocks under the benchmark recording fall offs such as Sage Group (LON:SGE) which slid 1.8%. Most stocks in the UK were also pressured due to the uncertainty among investors about the proceedings of the British exit. The domestically focused FTSE 250, on the other hand, sank 0.4%.
The pan-European index STOXX 600 edged 1% lower after recording its lowest level for the past seven weeks. The STOXX 600 Technology Index also lost 3.6% following the massive tech sector selloff on Wall Street that affected Asian and European stocks. The CAC index in France and blue chip index in Italy fell 1.1% and 1% respectively.
Among the worst performing stocks includes Infineon Technologies which traded 4.83% lower closing at 19.400 while SAP lost 3.58% to 92.560. Siemens AG (DE:SIEGn) also fell 2.43% before settling at 126.25
The worst performers on the TECDAX includes Aixtron SE which lost 7.76% before settling at 5.550 during late trading while Dialog Semiconductor was down by 6.61% to 11.510 during the market close.
Despite the huge losses, other stocks have gained despite the weight of the ongoing political risks. Pfeiffer Vacuum Technology shares hit an all-time high rising by 0.42% to 130.80 while Telefonica (MC:TEF) Deutschland Holding AG closed at 4.404 despite losing 0.09% during the trading session.
Meanwhile, Gold futures for August delivery were down by 0.26% to $1268.14 per ounce while the EUR/USD pair rallied by 0.05% to 1.1201. The EUR/GBP also rallied by 0.87% to 0.8854.