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In the course of the year, the German key indices suffered substantial losses. Except for the MDAX, which reached a small intermediate high in May, the indices already reached their annual high on 2 January. After that, they continually lost ground, until all indices eventually reached their annual low on 20 and 21 November. Towards the end of the year, the indices only recovered slightly. In the course of the year, the DAX lost 40.2 per cent, the MDAX lost 43.0 per cent, and the SDAX lost 46.1 per cent. The TecDAX, in which Bechtle is listed, dropped from 974.81 points at the stock exchange opening on 2 January 2008 to 508.31 points on 30 December – a decline of 47.9 per cent. Thus, technology shares suffered the most severe losses among the German key indices.