A particularly positive climate prevails in the stock market, which is recording continuous highs, successive positive returns, enhanced profitability and increased trading volume, completing nine consecutive months of growth, an unprecedented record in stock market history. During the last nine months, from early November 2024 to the end of July 2025, the main stock index recorded total gains of 44.26%, while the banking index closed the 9-month period with gains of 88.48%. The total market capitalization has increased by 27 billion euros in the last 9 months and soared to 133.681 billion euros, levels that represent the highest market valuation since 2007.
Athens Stock Exchange: Upward trajectory continues in 2025 – Banking index returns to 2015 levels
The stock exchange continues its upward trajectory in 2025, with the main stock index at April 2010 levels. The Banking index has returned to 2015 levels, the high capitalization index to 2011 and the mid-capitalization index to 2010.
In the last four positive years, the Greek stock exchange was in the top-5 of global markets, while at the close of the 7-month period of 2025, the General Index ranked first among global markets for 2025, just a breath away from the 2,000-point milestone, at 15-year highs, while the banking index is at 10-year highs. At the same time, trading activity is at its highest levels since 2009, with average daily trading value in 2025 at 197.7 million euros compared to 140 million in 2024, up 35%.
Foreign investors continue to maintain a strong presence in the Greek market, with their participation in capitalization at 68.1% and in trading activity at 61.5%, while in 2025 they are buyers with inflows of 387 million euros and 1.384 billion in the three-year period 2022-2025. Domestic and international investment houses remain positive about the Greek market, as a result of the stable political and macroeconomic environment, strong corporate results and attractive valuations. The upward trajectory is expected to continue in the second half of the year, unless there is a dramatic deterioration in the climate in international markets.
The market’s upward movement finds support in:
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The fact that the Greek stock market, despite the rise, remains attractive when considering the ratio of market capitalization to Greece’s Gross Domestic Product (GDP). Based on the GDP estimate of 240 billion euros for 2025, the stock market capitalization, which amounts to 133 billion euros, corresponds to slightly above 50% of GDP. Alpha Finance notes that the Greek market continues to trade at a discount of about 20% compared to the 20-year average and 30-40% compared to Stoxx 600 and MSCI EM, indicating significant room for growth.
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The strong development story of the Greek economy. The Greek economy has at least for the coming years a “free runway” for growth under conditions of fiscal stability. The Greek economy will be one of the first in growth in the EU in 2025. The direction of capital from the US and beyond observed towards Europe favors the Athens Stock Exchange, as it shows higher growth than the eurozone average.
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Fiscal stability. The trajectory of fiscal data is on an outperformance path, supporting the scenario of a positive revision of Greek economy prospects.
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The momentum created by the recovery of investment grade status, especially in the bond market. Greek bonds appear particularly resilient when global bond market sell-offs occur.
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The high profitability of listed companies supports stock valuations.
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The prospect of upgrading the Greek stock market to developed markets. The Athens Stock Exchange management expects the upgrade of the Greek stock exchange to developed market status by at least one international investment house within 2025, estimating that the relevant success probabilities exceed 50%. International rating agency S&P recently placed the Athens Stock Exchange upgrade to “developed” markets for September 2026.
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And of course, the prospect of EXAE acquisition by Euronext. The acquisition of the Athens Stock Exchange by Euronext allows participants in Greek financial markets to join a network of over 1,800 listed companies with total market capitalization exceeding 6 trillion euros.
9-month returns – Gains of 58.43%
The high capitalization index recorded gains of 58.43% in the 9-month period. Among high capitalization stocks, the biggest gains from November 2024 to July 2025 were recorded by: Alpha Bank (+139.13%), Piraeus (+96.92%), Eurobank (+71.32%), National Bank (+71.17%), OLP (+60.67%), Bank of Cyprus (+56.03%), Elvalhalcor (+44.54%), Mytilineos (+44.33%), and Coca Cola HBC (+43.01%).
Smaller increases were noted by: Motor Oil (+28.21%), Athens Airport (+27.39%), Aktor (+27.35%) Aegean Airlines (+26.64%), EYDAP (+26.60%), OPAP (+25.38%), GEK TERNA (+25.20%), Sarantis (+21.60%), Jumbo (+20.98%), PPC (+18.26%), Viohalco (+17.86%), Hellenic Petroleum (+11.67%), Titan (+10.82%), and OTE (+4.81%). Only Lamda Development recorded a decline (-9.86%).
