28 de agosto de 2015 / 16:42 / en 2 años

European shares rise but still face worst month in 4 years

* FTSEurofirst ends up 0.3 pct but down some 10 pct in month

* Greek shares rise, poll sees Syriza winning election

* Ct Suisse sees ESTOXX ending 2015 at 3,600 points

* Europe bourses in 2015: link.reuters.com/pap87v

* Asset performance in 2015: link.reuters.com/gap87v

By Sudip Kar-Gupta

LONDON, Aug 28 (Reuters) - European stocks closed out a rollercoaster week with modest gains on Friday, although a leading regional equity index was still on track for its worst month in four years due to underlying concerns over China.

The pan-European FTSEurofirst 300 index closed up 0.3 percent, while the euro zone's blue-chip Euro STOXX 50 index rose 0.2 percent. Germany's DAX edged down 0.2 percent, leaving it 17 percent below a record high in April.

Fears of a global economic slowdown, which intensified after China devalued its currency this month, triggered big price swings across equities, currencies and commodities this week.

It also led to 450 billion euros ($503 billion) being wiped off the FTSEurofirst on Monday, leaving the FTSEurofirst down nearly 10 percent so far in August - its worst monthly performance in four years.

However, worries that a Chinese economic slowdown may impact other countries have also led to expectations that the United States will not raise interest rates next month.

This caused equities to rebound later on this week, since rock-bottom interest rates have hit returns on bonds and cash, driving investors to the better returns available from stocks.

European shares also remain supported by record low interest rates and liquidity measures from the European Central Bank.

"Overall, the bull market in shares is getting long in the tooth but quantitative easing is still a major factor for markets in Europe, the U.S. and Japan," said Jupiter Asset Management's John Chatfeild-Roberts.

GREEK SHARES RISE

Energy stocks were the best performers, as the price of oil rallied back up from an earlier slump.

Greek shares also advanced as a poll predicted that the ruling leftist Syriza party - which is committed to a bailout deal for the debt-ridden country - would win next month's election.

Strategists pointed to the accommodative monetary policy and pockets of value after the earlier sell-off as reasons to expect more gains ahead, but added there was still uncertainty over how European earnings could be impacted by the slowdown in China.

Credit Suisse strategists cut their earnings forecast for Europe but still expected the Euro STOXX 50 to end 2015 at 3,600 points - some 10 percent above current levels.

($1 = 0.8943 euros)

Today's European research round-up (Additional reporting by Lionel Laurent; Editing by Andrew Heavens)

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