Technology shares push Amsterdam’s AEX past 1,000-point barrier to record 1,008
Shortly after the opening at 9 a.m. on Thursday, the AEX index surpassed the 1,000-point barrier, with the Amsterdam Stock Exchange's main benchmark reaching 1,008 points. The milestone was largely driven by a continued surge in technology stocks. Just over a year and a half ago, the index had crossed the 900-point threshold.
After several quiet years, the AEX has set new records repeatedly over the past five years. Technology shares have been strong performers for an extended period, and over the past year, investor optimism surrounding artificial intelligence has further fueled buying. Companies such as ASML, Besi, and ASM International have benefited from this trend.
Chip equipment makers ASML and Besi were among the top gainers on Thursday morning. Positive earnings from Taiwanese chip manufacturer TSMC provided an additional boost to these companies. Gains in ING and Shell in recent sessions also helped push the index to a new record.
This is not the first time the AEX has surpassed 1,000 points. The index first reached this level on August 7, 1997, when the Amsterdam Stock Exchange still traded in guilders. Adjusted for euros, that level would have been 453.78 points.
European banking and insurance stocks, which had long been undervalued, have also contributed to the index’s rise. Financial technology company Adyen, along with renewed interest in ING, ABN Amro, and ASR, has driven significant gains.
The AEX’s rebound is partly due to a recovery following the severe market downturn at the onset of the coronavirus pandemic in 2020. The index quickly climbed back above its pre-crisis level of 600 points, surpassed 700 points in March 2021, and reached 800 points by the fall of that year.
