23 May 2005, 17:30  Shares remained higher in midafternoon trade on hopes of political and economic change in Germany

Shares remained higher in midafternoon trade on hopes of political and economic change in Germany following the ruling Social Democrats' call for earlier than expected elections, and underpinned by positive US stock futures and sharp gains by index heavyweights, dealers said. The DAX 30 index was 37.79 points or 0.87 pct higher at 4,398.47, having moved between 4,374.49-4,410.73 so far this session. The MDAX was at 5,847.79, up 14.61 points or 0.25 pct, while the TecDAX was at 516.48, down 3.16 points or 0.61 pct. The DAX future was at 4,404.00, up 8.00 points or 0.18 pct, while the bund future was at 121.31, down 0.09. Dealers said the market had welcomed German chancellor Gerhard Schroeder's call for earlier elections after his party's defeat in the North Rhine-Westphalia election on Sunday, hoping it will provide a trigger for change in Germany, where voter anger is rising at the government's failure to revive a sluggish economy and cut stubbornly high unemployment levels.

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