Foreign investors sell in May

Foreign investors in May reduced their positions on the Athens bourse by 323 million euros, according to data made public by the Athens Exchange (ATHEX) yesterday. ATHEX said outflows from foreign investors, including institutional investors and offshore companies, reached 2.9 billion euros versus 2.6 billion euros of inflows for the same period. On the other hand, Greek investors were buyers, as inflows exceeded outflows by 315.3 million euros. Despite reducing their positions, foreign portfolios continue to control more than half the shares on the Athens bourse. Foreign investors held 53.5 percent of total shares in May, up from 50.5 percent in the previous month. Greeks held 45.7 percent of all stocks in April. Turnover also increased for the same period, boosted by the 20 percent sale of OTE telecom by Marfin Investment Group (MIG) to Deutsche Telekom. On a daily basis, turnover averaged at 505.28 million euros from 345.86 million euros in April.