Germany’s benchmark DAX index sinks over four percent

Frankfurt, Jan 5 (IANS) The benchmark DAX index at the Frankfurt Stock Exchange on Monday plunged by 459.57 points, or 4.28 percent, to close at 10283.44 points, recording its worst new year start in 25 years.

The blue-chip index opened more than 250 points lower than the previous trading day’s closing, moved downwards and touched the day’s lowest level of 10.248,58 points, reports Xinhua news agency.

With Asian stock market tumbling on Monday, the further declining growth rate in Far East area, an essential export market for German enterprises, was also perceived by DAX companies, according to Handelsblatt.

In addition, experts varied markedly in their projection of DAX’s development in 2016. A record height of 12,400 points was forecasted by experts of Helaba, while the Bankhaus Lampe foresaw a lowest level of 8,500 points this year, according to Handelsblatt.

All of the 30 DAX component shares fell on Monday, with negative margin rate ranging from 7.09 percent to 0.62 percent. Germany’s second-largest electricity utility RWE dropped the most, followed by E.ON and BMW.

Automobile manufacturer Daimler was the most traded share of the day with a turnover of $540.07 million.

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