ASE gains in confidence among foreign investors

The Athens Stock Exchange (ASE) now seems to enjoy a higher level of confidence among foreign investors than at the time of its upgrading to mature status by Morgan Stanley Capital International in May 2001. According to ASE data, foreign investment in Athens-listed firms represented rose from 21.63 percent of total capitalization at the time of the upgrading to 28.51 percent at the end of June; 15.81 percent was held by institutional investors, 9.77 percent by other companies and organizations, 2.37 percent by offshore companies and 0.56 percent by private individuals. Total foreign holdings were valued at 15.07 billion euros. Among Greek investors, private individuals owned 29.98 percent of total capitalization, companies and organizations 26.48 percent and institutionals 15.03 percent. The general index of the ASE rose 37.37 percent, from 1467.3 points on March 31 to 2015.66 points yesterday. The ASE noted that it is the first time since 1988 that the bourse has been on a sustained upward course for more than two months, with average daily value of trading almost double that of previous levels. The average number of active accounts on a daily basis rose some 250 percent, from about 4,000 in the first quarter of 2003, to more than 10,000 on some days.