"What we are seeing on our terminals now is some bargain hunters coming and buying the cheap stock," Naeem Aslam, AvaTrade's chief market analyst told CNBC on Wednesday.
"There is no doubt that the markets are in turmoil, however, it is important to remember that it is only times like this when you can buy your favorite stock cheap. When the sale labels are on display, every one start rubbing their hands."
Over the longer term, the DAX has been particularly hard-hit by developments in Russia, as it is dominated by companies that are dependent on Russian energy.
Deutsche Telekom shares also dragged down the index on Wednesday. These traded 3 percent lower in the afternoon, after Sprint retreated from its offer for Deutsche Telekom carrier T-Mobile U.S., as the deal failed to clear regulatory hurdles.
Investors now wonder if the DAX could decline further over the coming weeks to 8913, the low it reached in March.
"It is feasible, but whether it will actually happen is another debate," said Sugarman. "That depends very much on whether the European Union can come to sort of agreement with Russia and also on whether Germany's figures improve. Because this isn't the only bad number we have had out recently from Germany or indeed, the euro zone."
Meanwhile, German 10-year Bund yields fell to 1.096 percent on Wednesday—the lowest level in more than 20 years—before rising slightly to 1.103 percent in the afternoon. Germany's sovereign bonds are viewed as a "safe-haven" asset to rival U.S. Treasurys, and generally gain when investors are risk-averse.