ECONOMY

Low turnover as investors flee bourse

Low turnover was the main characteristic last week on the Greek bourse, as turnover reached a new low for the year with Friday’s close at 58.8 million euros. The Athens Exchange (ATHEX) general index starts the new week today at 1,451.08 points, which is 0.64 percent lower than the 1,460.46-point level of a week earlier. However, in contrast, the small-cap ATHEX FTSE-80 index registered a 1.11 percent rise for the week. The murky prospects for investors from abroad and the gradual exit from the market of foreign portfolios have made turnover shrink with the arrival of summer, with local investors unwilling to accept the baton as uncertainty prevails. The main index has lost more than a third of its value (33.93 percent) since the start of the year, and the outlook – at least for the next few weeks – is far from positive. The market is bracing for domestic companies’ second-quarter reports, which are set to be released in mid-July; these will illustrate the impact of the massive drop in consumption and will likely generate a fresh cycle of decline on the local bourse. Average turnover last week came to 84.5 million euros per day.