Stocks plunged in Germany on Thursday amid tumbling factory orders and profit-taking following a cut in interest rates by the European Central Bank (ECB), reported the dpa. The blue chip DAX index slumped to 4,813 at the close, a drop of 6.8 per cent from the previous day. All but one of the 30 companies listed on the index posted losses. Among the biggest losers were Deutsche Bank, down 12.8 per cent to 30.16 euros and Siemens, down 10 per cent to 40 euros. Sporting goods manufacturer Adidas was off 9.6 per cent at 26.64 after withdrawing its forecast for 2009 because of the uncertain economic outlook. Dealers said the ECB's decision to lower its benchmark refinancing rate to 3.25 per cent, coupled with gains in the DAX earlier in the week, led to profit-taking that pushed share prices down. The market was also jittery because of data showing an 11.4 per cent drop in foreign orders for factories in Germany, the world's leading exporting nation. Germany is seen as vulnerable to a global slowdown amid signs that the nation's consumers are also growing worried about the deepening economic gloom overshadowing the economy.
