Listed companies used just 33.3 percent of 26.8 billion euros raised on the stock market in the 1999-2002 period for new investment, 36 percent for acquisitions, 16 percent for working capital and 13 percent to meet debt obligations, according to a report presented by Capital Market Commission Stavros Thomadakis yesterday. Of the funds raised, 40.7 percent originated in share capital increases of firms in the financial sector, 19.1 percent was raised by industrial firms and 13.3 percent by enterprises in the services, leasing, IT, property and commerce sectors. The report notes that acquisitions were based mainly on excessively high valuations, and the end result was of doubtful value. Athens bourse Chairman Panayiotis Alexakis claimed that the accounting losses of investors as a result of the market downturn since 1999 do not amount to more than 15 billion euros.