DAX Volumes Surge 144% on Expiry Day, but 25,000 Remains Out of Reach
20.06.2026 - 07:13:16 | boerse-global.de
A quarterly options expiry known as the "big expiration day" unleashed a tidal wave of trading in Frankfurt on Friday, with the DAX changing hands at volumes 144 percent above its recent daily average. Yet despite the frenzy of portfolio rotation, Germany's blue-chip benchmark was unable to crack the psychological 25,000 barrier, settling at 24,985.82 points — a marginal daily loss of 0.16 percent.
The absence of cues from Wall Street, shuttered for the Juneteenth holiday, left European traders to navigate the expiry mechanics on their own. With the S&P 500 and Nasdaq silent, the DAX drifted through a session dominated by institutional repositioning rather than conviction buying or selling. The VDAX-NEW, a gauge of German equity volatility, eased to 16.28 points, reinforcing the narrative that investors were rotating rather than fleeing.
Rheinmetall Surges, VW Slumps
Defence and chemicals stocks stood out amid the churn. Rheinmetall advanced 2.04 percent to lead the DAX gainers, supported by news that the company is evaluating the construction of a production facility in Japan. The move underscores the sector's growing momentum from global rearmament budgets. BASF climbed 1.36 percent, lifted by a ongoing multi-billion-euro share buyback programme that is scheduled to expire at the end of June.
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On the losing side, Volkswagen's preference shares tumbled 4.35 percent, making it the day's worst performer. MTU Aero Engines shed 2.46 percent, while index heavyweights SAP and Deutsche Telekom also weakened, pulling the index below the 25,000 mark. Mercedes-Benz and Munich Re helped cushion the downside, limiting the overall decline. Bayer gained 1.86 percent.
Technical Levels Hold Firm
Despite the intraday dip, the broader technical picture remains resilient. The DAX continues to trade comfortably above its 50-day moving average at 24,511.04 points, while the 200-day line at 24,245.81 is well below current levels — evidence that the medium-term uptrend is intact. Short-term support sits at Friday's low of 24,951 points; a break below that would open the door to the 24,900 zone. On the upside, the first chart-based hurdle now lies at 25,114 points, above which the January record high — roughly 2 percent away — would come back into view.
Since the start of the year, the DAX has added 1.82 percent, and the weekly performance stands at a gain of 1.42 percent.
Full Agenda Ahead
Next week's calendar promises fresh catalysts. The Deutsche Börse kicks off the action on Monday with the index rebalancing: Hochtief will join the DAX, replacing Porsche Automobil Holding SE. Tuesday brings global flash PMI readings and quarterly results from FedEx. On Wednesday, the ifo business climate index for Germany will be released, followed by a tech-heavy evening with earnings from Nvidia and Micron. The ifo barometer has recently been weighed down by the impact of the Iran conflict. Thursday features US GDP data and the core PCE price index, the Federal Reserve's preferred inflation gauge. Later, from June 29, the European Central Bank's annual forum in Sintra will take centre stage, where investors hope for concrete signals on the next policy moves.
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