VW preferreds fall on Qatar's lock-up end

Fears of a looming supply glut hit Volkswagen preferred stock on Monday, which finished the first trading session of the new year as the worst performer among all 30 German blue chips.

The preferred stock, which replaced its ordinary shares in the DAX index on Dec. 23, closed 1.9 percent lower at 64.50 euros in a rising market.

A lock-up period for the preferred shares held by Qatar Holding LLC expired at the end of December, allowing the Gulf state's sovereign wealth fund to place further stock on the market following its roughly 1.5 billion euro ($2.15 billion) sale of 25 million shares in November.