Germans were more cautious about stock trading despite the fact that market value expanded significantly in 2013, said the German Stock Institute (DAI) on Wednesday. According to the Frankfurt-based shareholder lobbyist association, only 8.9 million Germans, or 13.8 percent of the total population, invested directly or indirectly in stock market in 2013. That was 600,000 less than in the previous year, when 14.7 percent of Germans held shares directly or invested in equity funds. "Without equities, investors forgo a stable long-term returns above inflation," said Christine Bortenlanger, director of DAI. In 2013, German DAX index rose by about 25 percent to nearly 10,000 points. DAI explained that the drop of total number was mainly due to a decline of equity fund investors. Number of direct shareholders, however, remained stable at 4.6 million, or 7.1 percent of the population. The association also found that generations under the age of 40 were especially less interested in stock market. While 28 percent of the 30 to 39 years old invested in stocks or equity funds in 2001, less than 15 percent of the age group held shares in 2013. In 20 to 29 years old group, the corresponding figures were 17.5 percent in 2001 and 8.7 percent in 2013.