BERLIN, Oct. 4 (Xinhua) -- Germany's DAX index has surged to a new all-time high on Wednesday.
The Frankfurt-based stock exchange temporarily rose to 12,974 points during Wednesday morning trading (local time), inching close to the symbolic mark of 13,000 points which has never been achieved before.
The blue-chip market was likely to receive "momentum" and experience further gains should the symbolic threshold of 13,000 points be passed, analyst Milan Cutkovic told the German financial daily "Handelsblatt".
The highest level ever measured for the DAX in intra-day trading before Wednesday was 12,952 points on June 20, 2017.
Experts pointed to growing tensions between Spain's Catalonia and the central government, which were exerting downward pressure on the Eurozone's common currency as a key driver of the German rally.
Several firms listed on the DAX index are export-oriented and are thus seen as beneficiaries of a weaker Euro.
The DAX was further boosted by recently buoyant stock markets in the United States and Asia.
German carmakers were amongst the biggest winners in Wednesday trading, after Volkswagen, Audi and Porsche were able to reveal double-digit growth in their U.S. September sales.
Despite the ongoing diesel emission scandal, Volkswagen stocks led the DAX rally (2.3 percent), followed by BMW (1.9 percent) and Daimler (1.6 percent).
