German benchmark DAX index closes down

Frankfurt, Dec 12: The German benchmark DAX index on Friday closed down by more than 250 points.

Two main messages were behind the slump of the index. The first one, delivered by an official at the European Central Bank (ECB), said the risk of delation had been averted and the second one from the International Energy Agency indicated the oversupply of oil on the world market would continue at least until late 2016, according to the German business daily Handelsblatt.

The DAX index lost 258.87 points, or 2.44 percent. It closed at 10,340.06 points, Xinhua news agency reported.

All the 30 DAX member shares suffered losses, with Deutsche Bank taking the lead. It dropped by 4.43 percent.

The utilities company E.ON plunged by 3.85 percent. Volkswagen slipped by 3.53 percent. ThyssenKrupp slid by 3.42 percent. Continental fell by 3.38 percent.

Daimler was the most traded share of the day with a turnover of $379.  (IANS)