ECONOMY

Foreigners reorganize portfolios

Foreign investors withdrew 1 billion euros from the Athens bourse in the first six months of the year in an outflow that was offset by domestic players as stock valuations lost more than a third of their value, data showed yesterday. Figures released by Hellenic Exchanges (HELEX), the group that operates the Athens bourse, showed in a statement that capital outflows from foreign investors reached 1.06 billion euros versus capital inflows of 1.01 billion from Greek portfolios. Despite the outflow, foreign investors increased their relative exposure on the Athens bourse, holding 49.4 percent of total shares at the end of June, versus 48.5 percent in December. The difference is attributed to foreign players shifting toward smaller-sized companies and the 34.7 percent drop in stock prices over the six-month period, brokers said. Turnover continued to ease last month. The total value of transactions in June reached 2.2 billion euros, 31 percent lower than in May, when it reached 3.2 billion euros. June’s turnover was 52 percent lower than the same period a year ago, according to HELEX data.