The Neuer Markt's leading indicator, the Nemax all-share performance index, has fallen below 1,000, a development which could further damage investor confidence in Frankfurt's high-growth exchange.

The index fell as low as 997.25 on Thursday. It is the first time it has got below 1,000 since the month it was launched. It has been sliding since March last year, and is down 88% from its high of 8,559. Almost all Neuer Markt stocks have suffered from the reversal of investors' extraordinary enthusiasm in 1999 for technology stocks, as have shares listed on high-growth exchanges across the world.