Germany's main DAX index edged down 0.47 per cent to 4214 in trading in Frankfurt Wednesday. The secondary MDAX gained 0.1 per cent to 5587 while the technology TecDAX listing was down 0.17 per cent to 520. The 30-share benchmark DAX was pushed down by declines in software group SAP and insurers Allianz. SAP was down to 121.22 euros after disappointment over profit forecasts, traders said. Allianz shares dipped to 90.34 euros after announcing it would issue bonds and sell shares as part of a package to reduce the group's exposure to equities and cut debt. Banking subsidiary Dresdner Bank said it would also sell 17.2 million Allianz shares worth about 1.5 billion euros. Deutsche Telekom shares meanwhile climbed 1.91 per cent to 16.50 euros. The euro was given a European Central Bank reference rate of 1.3005 dollars Wednesday, down on Tuesday's rate of 1.3025 dollars. The dollar was worth 76.89 euro cents. Against other major currencies, the euro had reference rates of 69.27 British pence, 134.47 Japanese yen and 1.5505 Swiss francs. --SP 2113 Local Time 1813 GMT
