FRANKFURT, May 20 (Xinhua) -- Germany's benchmark DAX index on Tuesday hit an all-time high and surpassed the mark of 24,000 points.
The DAX index sank in the morning trading and shortly reversed the trend and surged above 24,000 points for the first time in history.
The DAX index rose to 24,082.48 points in the intraday trading, a new record high. The stock market rally stands in stark contrast to the economic crisis in Germany.
Local analysts explained that the 40 companies listed in the DAX are internationally positioned and generate the majority of their revenues abroad. However, they said it is premature to tell whether the bullish trend is sustainable as uncertainties remain high and consumption in the United States is showing signs of slowdown.
Further negotiations in the Ukraine conflict are also making investors optimistic. "Hopes for peace in Ukraine are also resonating well on the stock market," said Thomas Altmann, head of Portfoliomanagement und Partner at German investment management provider QC Partners. "If the peace talks actually bring a breakthrough, it would remove a long-standing source of uncertainty from the market." ■