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Greek stocks: Foreign outflow 23.6 mln euros in Aug

Published 09/07/2010, 07:48 AM
Updated 09/07/2010, 07:52 AM

ATHENS, Sept 7 (Reuters) - Foreign investors pulled a net 23.6 million euros ($31 million) from Greek equities market in August, adding to 1.06 billion withdrawn earlier in the year, according to Athens bourse data on Tuesday.

Foreign portfolios owned 49.3 percent of the Greek market's free float in August, up from 48.5 percent in July and 48.4 percent a year earlier.

Domestic investors were net buyers in August, with inflows of 24.7 million euros.

Greek shares have been hurt by the country's debt crisis, with foreign investors reducing exposure after sovereign debt suffered successive downgrades by credit rating agencies.

Based on the data, foreign investors accounted for 38.8 percent of turnover in August, compared with 44.3 percent in July and 46.6 percent a year earlier. Average daily trading volume fell to 78.2 million euros, down 61 percent year-on-year.

The Greek equity market's total capitalisation fell 6.9 percent month-on-month in August to 60.7 billion euros -- about 25.3 percent of the country's gross domestic product (GDP), to be 34 percent lower year-on-year.

The market capitalisation of the blue-chip FTSE-ASE <.ATF> 20-share index, which attracts most foreign interest, dropped 7.1 percent month-on-month to 41.9 billion euros.

Greek shares <.ATG> have lost a quarter of their value this year. (Reporting by George Georgiopoulos; Editing by Dan Lalor)

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