Frankfurt - Germany's DAX index of the 30 leading blue-chip shares traded on the Frankfurt Stock Exchange marked its 20th birthday Tuesday with near-universal declines.

German Finance Minister Peer Steinbrueck was on hand to cut a large birthday cake on the trading floor in Frankfurt, Germany's financial capital.

"The DAX symbolizes the German success story as an economic powerhouse," Steinbrueck said.

Retor Francioni, chief executive of Deutsche Boerse, the company that operates the Frankfurt Stock Exchange, described the index as "simultaneously a brand name for the German economy and for Germany as a financial centre."

The DAX is closely watched in Germany and abroad as the key indicator tracking the performance of the German stock market. Since its introduction, the index has replaced a profusion of different indices that have largely fallen into disuse.

Starting with the blue chips index, often known today as the DAX 30, the DAX has expanded to include a string of other indices.

The MDAX, launched in January 1996, comprises 50 shares ranking immediately behind the DAX 30 in market capitalization and turnover.

The TecDAX, dating back to March 2003, lists the top 30 companies in the information technology, biotechnology and electronics sectors.

The SDAX, introduced in June 1999, lists the 50 so-called "Small Caps" following on from the MDAX.

On July 1, 1988, the DAX was launched with a value of 1,163, breaching 2,000 in October 1993. The all-time record was reached on July 16, 2007, when the DAX hit 8,151.57.

Mid-morning Tuesday, the index had declined in line with other global indices to 6,334. (dpa)