The Athens General Index has dropped 10.83% and lost 9 billion euros in capitalization over the last 40 sessions, after the 111-month high (1,345.95 points) recorded on July 25.
As it seems, the Athens Stock Exchange is again showing signs of ‘arrhythmia’.
However, since the beginning of the year, the General Index has increased by 29.09% and the market value has gained 16.106 billion euros.
Investors are wondering what is happening since Athens was at the top of global returns with a 44.75% rise on July 25 and higher capitalization by 25 billion euros.
Foreigners selling
September will be the sixth consecutive month of outflows from foreign portfolios, as they were also selling over the previous five months. In August foreigners recorded outflows of 79.80 million euros, 97.16 million euros in July, 190.85 million euros in June, 95.46 million euros in May and 72.54 million euros in April.
Therefore, the total outflows of the previous months from foreigners, which were absorbed by purchases by Greek investors, reached 535.81 million euros and everything indicates that in September a new significant outflow of foreign capital from the market will be recorded. However, domestic investors seem to be failing to absorb it sufficiently, opening a supply-demand gap and depressing prices.
