FRANKFURT (dpa-AFX) - Technology stocks, which have been in high demand in recent months, continued to have a difficult time with investors on Thursday. The latest business development of the technology group PVA Tepla was only briefly convincing on the stock market. The shares, which are listed in the small cap index SDax, initially rose by more than four percent at the start of trading, but then turned negative. Most recently, they fell by more than two percent to 20.14 euros.

The results of the second quarter showed a solid development of the operating profit, a trader explained. The confirmed outlook for the year was overall in line with market expectations, although some investors might have hoped for more.

This was compounded by a weak overall market, particularly for semiconductor stocks. Shares in chip company Infineon, for example, slumped by almost ten percent after the presentation of quarterly figures. The analysts of the investment house Jefferies referred to the weakening margin trends. Market participants could therefore worry about the outlook of the Dax group. According to a trader, some investors are also likely to cash out for the time being, after the shares had recently run strongly. Infineon shares are still more than a fifth higher than at the turn of the year, despite the price slump.

Merck KGaA also gave cautious signals about its semiconductor business. The Electronics business sector weakened. The segment does most of its business with the semiconductor industry - and its recovery continues to drag on. The shares of the broad-based group, which had slipped before the start of the year, nevertheless increased recently./mis/ajx/jha/