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DAX extends gains on upbeat German IFO data

FXStreet (Mumbai) - The German blue-chip index Dax, extended Friday’s massive gains after the release of the upbeat German IFO data.

The Dax traded 0.63% higher at 9793.80 levels at the time of writing. The index breadth is positive with an advance decline ratio of 21:9. Among the index stocks, Deutsche Bank AG is the biggest gainer, up by 2.64%, followed by Deutsche Boerse, up by 1.77%. Other gainers include BMW ST, Continental AG, Daimler AG. Meanwhile, on the minus side are shares in RWE AG, down by 1.04%, followed by Fresenius ST, down by 0.70%.

The german equity markets had gained more than 2.5% on Friday after the European Central Bank threw the doors open for more aggressive monetary stimulus measures including sovereign bond purchases. The risk-on buying was bolstered further after China announced an interest rate cut.

The stocks are inching higher today, since the German IFO data showed a rise in the business confidence. IFO’s economist Klaus Wohlrabe cited the weaker Euro and falling Crude prices as the main reasons for an uptick in German business climate.

Dax Technical Levels

The index has an immediate resistance located at 9810 (July. 24 high), above which gains could be extended to 9891 (Sep. 19 high). Meanwhile, support is seen at 9773.70 and 9718 levels.

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