At the top of the world yields was maintained Athens Stock Exchange In the nine months of January – September 2025, while the market completed 11 consecutive months of rise, an unparalleled record for stock markets. During the last 11 months, the basic stock index has recorded a total of 47.12%, the bank index records 99.01%, while total capitalization from late October has increased by € 30.359 billion.

Although it lost ground in September, as it was only 0.62%, the nine -month general index continues to play among the highest yields worldwide. The Greek brokerage market at the end of the nine -month period came in third places worldwide with 38.41%, after the purchase of Seoul (+42.72%) and Vietinam (+38.55%).

Market upward traffic on November 2024- September 2025 found brackets:

  • In the fact that the Greek stock market, despite the rise, remains attractive if one sees the market capitalization relationship in relation to the gross domestic product (GDP) of Greece. Based on GDP estimate at € 240 billion in 2025, capitalization of the stock market, which amounts to € 137 billion, corresponds to a slightly higher than 50% of GDP. HSBC in a recent report stresses that the Greek market is negotiated with a P/E index at 9 times and remains with a 35% discount against European markets, although it downgrades its recommendation for Greece to “neutral” from “over -performance” and this is why, as the key positives, the mainstream, The launch of dividends- are now well known and largely integrated into valuations.
  • In the strong development narrative of the Greek economy. The Greek economy has at least for the coming years a “free corridor” of growth in fiscal stability. The Greek economy will also be in 2025, one of the first in development in the EU.
  • In fiscal stability. The course of the budgetary figures is on track of over -performance supporting the scenario of a positive revision of the prospects of the Greek economy. At the same time, public debt is declining. Wood & CO International House is seen by 154.1% in 2024 to 101.3% in 2030.
  • The dynamics created by the recovery of the investment level and especially in the bond market. Greek bonds are highly resistant when a worldwide “sell -off” in the bond markets is manifested.

Greece is among the eurozone countries with the possibility of upgrading its credit rating over the next two years, according to Wood & Company.

  • The profitability of listed companies supports shares’ valuations. In the first half of 2025, the net profits of the listed people reported a marginal reduction of 0.7%, but remain in contact with last year’s high performance.
  • The apparent recording of historical highs in the dividends of the listed. As all show in 2025, it will evolve into a year -long station for money distributions by the listed companies of the Athens Stock Exchange. So far the regular dividend distributions are just lower than € 5 billion and if we add the banks and OPAP prolements we will be overwhelmed by a historic € 5.4 billion in 2007.
  • The prospect of upgrading the Greek stock market in developed markets.
  • And of course the prospect of redemption of HELEX by Euronext. The acquisition of ATHEX by EuronaXt allows participants in the Greek financial markets to join a network of over 1,800 listed companies with total market capitalization exceeding 6 trillion. euro.

The odds

From high capitalization the highest rise in October 2024-September 2025 was recorded by Alpha Bank (+161.88%), Piraeus (+109.83%), Optima Bank (+97.89%), Cyprus (+90.54%), AKTOR (+75.7%),+75.7%, Eurobank (+73.65%) and National (+72.21%). Following are the titles of PPA (+59.67%), Elvalhalcor (+67.24%), Viohalco (+44.66%), Aegean Airlines (+34.27%), AIA (+32.23%), Motor Oil (+30.65%), GEK Terna (+29.13%), of OPAP (+26.72%), Coca Cola HBC (+25.58%) and ELPE (+22.17%). The shares of Jumbo (+19.27%), Sarantis (+17.60%), PPC (+16.35%), EYDAP (+13.13%), OTE (+6.26%), Titan (+6.10%) and Lamda Development (+4.86%) recorded a smallest increase.

In the first nine months of 2025 the basic stock market rose 38.41%. The high capitalization index rose 43.85%, the middle capitalization index rose to 23.15%, while the bank index registered 77.48%. The biggest rise in the 9 months was the shares: Ilyda (+168.50%), Frigoglass (+134.91%), Credia (+133.32%) and Alpha Bank (+123.50%). On the other hand, the titles were the largest decline: Hellktor (-37.22%), Leventeris (-15.38%), Titan (-13.43%) and Centric (-10.44%).