European shares rise, shrugging off slump in Greek market

* Athens reopens, slumps about 16 percent

* Major European stock markets gain

* Markets buoyed by Heineken (Other OTC: HEINY - news) , Commerzbank (Xetra: CBK100 - news) results

* Weak China data weighs on mining stocks (Updates with closing prices)

By Sudip Kar-Gupta and Alistair Smout

LONDON, Aug 3 (Reuters) - European shares rose on Monday, shrugging off a slump for the Greek stock market when it reopened after a five-week shutdown, as strong results from Heineken and banks supported the broader market.

The pan-European FTSEurofirst 300 index rose 0.7 percent to 1,583.52 points. The euro zone's blue-chip Euro STOXX 50 index gained 1 percent, Germany's DAX advanced 1.2 percent and France's CAC 0.8 percent.

However, Athens' benchmark ATG equity index dropped by about 16 percent, led down by shares in the country's major banks.

Trading was suspended in Athens in late June as part of capital controls imposed to stem an outflow of euros that threatened Greece's banks' survival and risked pushing the indebted country out of the euro zone.

Since then, Athens and the European Union have agreed a bailout plan in exchange for stringent reforms and budget austerity. But implementation of the deal is some way off, keeping alive the threat of political and economic instability.

Nevertheless, the impact of Greece on the rest of Europe has been mitigated by economic stimulus measures from the European Central Bank, whose record-low interest rates and liquidity have helped prop up European equities.

"A lot of overseas investors have stopped paying too much attention to Greece," ACIES Asset Management hedge fund manager and principal, Andreas Clenow, said. "The ECB's measures are helping to limit the negative fallout from Greece."

Heineken shares rose 5.6 percent after the drinks company's second-quarter results beat expectations.

"The make-up of the results is consistent with our argument of why Heineken is on a sustainable trajectory of margin growth," RBC Capital Markets analyst, James Edwardes Jones, said in a note. "Both brand and product mix look to be contributing."

According to data from Thomson Reuters StarMine, 55 percent of companies listed on the European STOXX 600 index have beaten or met market expectations with their results so far this quarter.

The STOXX European 600 Banking Index gained 0.5 percent. Shares (Berlin: DI6.BE - news) in HSBC edged up after the bank reported higher first-half earnings and announced the sale of its Brazilian unit to Banco Bradesco SA for $5.2 billion. .

Commerzbank advanced 2.3 percent after the German lender reported higher profits.

Mining stocks fell, however, after weak economic data from China, the world's biggest metals consumer.

The data showed that China's factory activity shrank more than initially estimated in July.

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

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

Today's European research round-up (Editing by Louise Ireland)