German stocks closed flat on Thursday, with the benchmark DAX index down 37.89 points, or 0.29 percent, to close at 13,023.98 points.

German reinsurance company Munich Re lost 2.41 percent, the top loser among the blue chips, followed by multinational chemical firm Linde and sportswear and equipment maker Adidas which lost 2.18 and 1.01 percent respectively.

Tire specialist Continental gained 2.22 percent, becoming the top gainer. Housing association Vonovia advanced 1.62 percent. German telecommunications company Deutsche Telekom went up by 1.51 percent.

German insurance and financial services company Allianz was the most traded share with a turnover of 475.01 million euros (562.83 million U.S. dollars).