German stocks closed flat on Wednesday, with the benchmark DAX index down 0.02 points, or 2.77 percent, to close at 13,070.02 points.

Deutsche Bank lost 1.37 percent, the top loser among the blue chips, followed by automotive manufacturer Volkswagen and energy group RWE which lost 0.94 and 0.81 percent respectively.

Pharmaceutical company Merck gained 1.00 percent, becoming the top gainer. Marketplace organizer for the trading of shares and securities Deutsche Boerse group advanced 0.88 percent. Personal-care company Beiersdorf went up by 0.72 percent.

German multinational software corporation SAP was the most traded share with a turnover of 135.02 million euros (160.60 million U.S. dollars).