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Business

Bullish investors help DAX to new high

European stock markets ended on a very positive note Friday, with Germany's blue-chip DAX soaring to a new all-time high. The short lull in previous weeks seems to be history as the euro continues its downward slide.

Following a brief period of uncertainty, investors in Germany's top-30 DAX stocks regained confidence on Friday, with the benchmark standing at 12,374 points at the end of the day - the highest closing result in its history.

This week alone, the DAX gained 3.40 percent, with the index soaring by more than 26 percent since the beginning of the year.

Analysts said the renewed rise was mainly attributable to the large amounts of fresh money being pumped into markets through the

European Central Bank's large-scale bond-buying program

. Much of that has gone towards buying shares.

Exporters delighted

Another reason was a weaker euro, which had retreated to 1.06 against the US dollar, after rising to around 1.10 against the greenback in the weeks prior.

"Export-oriented German companies listed on the stock market gain most from the current frame conditions," Broker IG economist Gregor Kuhn said in a statement, noting that German exports were becoming cheaper again in markets outside the 19-member single-currency bloc.

The EuroStoxx 50 eurozone benchmark index was also able to gain ground on Friday, logging a pickup of 0.92 percent to close at 3,816 points - the highest level in seven years.

hg/el (AFP, dpa)

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