The Greek Stock Exchange

The Athens Stock Exchange is experiencing its greatest renaissance.
We’re talking about returns we’ve never seen before in such a short period of time. And the most impressive part? This could mean very good news for Greek investors. Not only because we’re watching the indices rise, but because a healthy, stable foundation is beginning to be built — one on which we can invest and feel secure.

THE MARKET’S COURSE

Over the past year, the Greek stock market has been in a full bull run. The General Index has risen by +46%.

The banking index has nearly doubled, with +99.01%. And overall, the capitalization of the Exchange has increased by €30.4 billion!

We’re talking about 11 consecutive months of growth. A historic record, showing not only the market’s resilience, but also the growing confidence of both foreign and domestic investors. Globally, based on returns, the Greek market ranks 3rd in 2025, behind only Seoul and Vietnam.

And if one thinks about where we were 10 years ago, the fact that today we are once again at the center of global attention is an achievement in itself.

Alright! But why are we seeing this rise?

First, valuations remain attractive. With a P/E ratio at 9x and a generous 35% discount compared to the rest of Europe, the Greek market looks “cheap” and therefore appealing. That alone provides a basis for increased capital inflows.

Second, the Greek economy is on a growth path, with positive rates and a forecast for sustainable progress through 2030. Stability is the new must-have for investors, and Greece is beginning to offer it.

Third, public finances are in excellent condition. Debt is steadily falling, from 154% of GDP in 2024, to an estimated 101% by 2030.

This is not just a number. It’s proof that public coffers are moving toward sustainability, and the risk of crises like those of the past is receding.

In addition, 2025 is expected to be a milestone year for dividends. Listed companies are returning almost €5 billion to shareholders, an amount that may surpass the historic record of 2007. This signals profitability and a willingness to reward investors.

At the same time, regaining investment-grade status has reignited interest from institutional investors, who can now invest with fewer restrictions.

And of course, the potential acquisition of the Hellenic Exchanges (ATHEX) by the giant Euronext could bring huge institutional upgrades. It would connect the Greek Stock Exchange with a network of over €6 trillion in capitalization and more than 1,800 listed companies.

THE UPGRADE FROM FTSE RUSSELL

The crisis cycle has officially closed. FTSE Russell announced that as of September 2026, the Athens Stock Exchange will move into the developed markets. For the first time since 2013, Greece is leaving behind the label of “emerging market.”

This means an upgrade in the country’s stature. It allows for inflows of new capital from passive and active funds, raises the international profile of Greek stocks, and opens the door to institutions that until now could not invest in emerging markets.

However, concerns remain. JP Morgan and HSBC have expressed worries that Greece may lose some investment interest — both because of the withdrawal of emerging-market funds, and because many Greek stocks may carry little weight in the new indices.

In other words, the transition to developed markets is not automatically positive for everyone. We need to see it in its entirety and understand the new challenges it brings.

Even so, the vote of confidence has already been placed on the table. The buy signal has been given. The move to developed markets acts as a stamp of credibility.

Posted Using INLEO