German stocks plunge as UK votes for EU exit

BERLIN, June 24 (KUNA) — Germany’s stock index (DAX) saw the biggest drop since the 2008 financial crisis, affected by the UK’s decision to leave the EU on Friday.
The Frankfurt-based DAX, a stock market index consisting of 30 major German companies, dropped by ten percent, reaching 9436. Meanwhile, Euro Stoxx 50 index for the top EU companies dropped nine percent.
German banks were among the top losers when the referendum results were confirmed, as Deutsche Bank lost 16 percent and Commerzbank dropped 17 percent. Moreover, Allianz, the biggest insurance company in the world lost 13 percent.(end)