DAX climbs as SPD seeks allies to form government

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The German Stock Index (DAX) display is highlighted in red at the stock exchange in Frankfurt, Germany, Thursday, Aug. 16, 2007. Global stock markets tumbled again Thursday, battered by persistent worries about U.S. housing loan problems and their possible damage to the global economy. (AP Photo/Bernd Kammerer)
The German Stock Index (DAX) display is highlighted in red at the stock exchange in Frankfurt, Germany, Thursday, Aug. 16, 2007. Global stock markets tumbled again Thursday, battered by persistent worries about U.S. housing loan problems and their possible damage to the global economy. (AP Photo/Bernd Kammerer)

German stocks rose notably on Monday as it looked unlikely a leftist coalition would take power.

Olaf Scholz of the center-left Social Democrats defeated Chancellor Angela Merkel’s conservatives in an extremely tight election, setting in motion what could be months of complex coalition talks to decide who will lead Europe’s biggest economy.

The left wing Die Linke party fell below the 5 per cent threshold needed to enter parliament.

The benchmark DAX climbed 137 points, or 0.9 per cent, to 15,668 after losing 0.7 per cent on Friday. Among the prominent gainers, Siemens Energy, MTU Aero Engines and Vonovia surged 3-4 per cent.

BASF advanced 1.7 per cent after it signed a Memorandum of Understanding with Sanyo Chemical for the joint development and access to technologies to create advanced polyurethane dispersions.

Zooplus gained more than 4 per cent after Swedish private equity firm EQT AB made an offer to buy the online pet supplies’ retailer for about 3.36 billion euros (3.94 billion dollars).

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