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Foreign investors trim Greek stock holdings in Feb

Published 03/09/2011, 07:33 AM
Updated 03/09/2011, 07:36 AM

ATHENS, March 9 (Reuters) - Foreign investors pulled a net 3.1 million euros ($4.3 million) out of Greek equities market in February when they accounted for 44.8 percent of turnover, Athens bourse data showed on Wednesday.

Domestic investors were net buyers, with inflows of 8.5 million euros.

Foreign portfolios' holdings of Greek shares totalled 51.2 percent of the market's free-float in February, up from 49 percent a year earlier.

Greek shares took a beating last year as the country's debt crisis led foreign investors to cut exposure after sovereign debt suffered successive downgrades by credit rating agencies.

The benchmark stock index, which fell 36 percent in 2010, has rebounded 7.9 percent this year.

The rise in stock prices came with an increase in average daily trading volume (ADT), which rose to 148 million euros in February from 112 million in January though it was still down 28.5 percent year-on-year.

The Greek stock market's capitalisation rose 2.5 percent on the month in February to 61.0 billion euros -- about 26.5 percent of the country's gross domestic product (GDP).

The market capitalisation of the blue-chip FTSE-ASE 20-share index, which attracts most foreign interest, rose 2.8 percent to 45.3 billion euros. (Reporting by George Georgiopoulos; Editing by Dan Lalor)

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