Italian Stocks Tumble Nearly 3% as Tech Sector Plummets

Italian equities ended Thursday's session sharply lower, with the benchmark Investing.com Italy 40 index falling 2.79% by the close in Milan. The decline was broad-based, driven by significant losses in the Technology, Financials, and Utilities sectors.

Widespread Market Decline

The negative sentiment was evident across the Milan Stock Exchange, where declining stocks significantly outnumbered advancing ones by a margin of 488 to 210, with 48 issues ending the day unchanged, according to market data. This indicates widespread selling pressure rather than a concentrated downturn.

Tech and Luxury Lead Losses

The technology sector was the hardest-hit, with semiconductor manufacturer STMicroelectronics (BIT:STMMI) emerging as the session's worst performer. The company's shares plummeted 17.70% to close at 47.94.

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Other notable decliners included:

• Moncler SpA (BIT:MONC): The luxury goods company saw its shares fall 7.88%.
• Nexi SpA (BIT:NEXII): The payments technology firm declined by 5.98%.

Energy Stocks Buck the Trend

In contrast to the wider market, energy giant Eni SpA (BIT:ENI) was a top performer, gaining 2.96% to close at 22.97. The advance came as global oil prices surged, with Brent crude for September delivery rising nearly 7% to trade above $100 a barrel. Other gainers included defense company Leonardo SpA (BIT:LDOF), which added 1.41%, and Amplifon (BIT:AMPF), which rose 1.25%.