NEW YORK, July 10 (Reuters) - Short interest on the New York Stock Exchange fell 2.9 percent in late June, the exchange said on Wednesday.

As of June 28, short interest fell to about 16.225 billion shares, compared with 16.714 billion shares as of June 14.

Investors who sell securities short borrow shares and then sell them, expecting the stock to fall so they can buy the shares back at the lower price, return them to the lender and pocket the difference.