The surge has been fueled by persistent investor demand, underpinned by expectations of positive corporate developments and resilient economic indicators.
The Greek stock market has continued its remarkable rally, closing the week with a 2.7% gain and bringing August's total rise to 6.6%. For the first time since March 2010, the benchmark index has broken into the 2,120–2,125 point range. Year to date, it has delivered a striking 44.7% return, with the total market capitalization of listed companies climbing to €148 billion—territory not seen since before the global financial crisis in 2008.
The surge has been fueled by persistent investor demand, underpinned by expectations of positive corporate developments and resilient economic indicators. This optimism has spilled over into smaller segments of the market, lifting even small- and micro-cap stocks that had long been overlooked. Trading volumes have also been notably high: since the beginning of August, daily turnover has averaged €233 million, pushing the 2025 average above €202 million.
Athens has now posted gains for ten consecutive months, from November 2024 through August 2025—a streak that has some analysts suggesting the market may soon pause for a period of consolidation.
Internationally, Greece is attracting increasing attention. Global X, the manager of the GREK exchange-traded fund, has described the Athens market as the most compelling value trade among emerging economies. The firm points to Greece's deep-value profile combined with developed-market potential, citing the fastest GDP growth rate in Western Europe, sovereign bonds rated investment grade, and a government pursuing pro-investment policies. Analysts are also monitoring the possibility that Greece could be upgraded to Developed Market status—an event that could unleash significant new investment flows.
For now, the rally's breadth, the return to levels unseen in 15 years, and the participation of smaller stocks all signal a mature bull market that might need to catch its breath. A modest pullback of five to seven percent—about 100 to 150 points—would still leave the long-term uptrend intact. However, a shift in global sentiment or broader market turbulence could prompt a deeper correction of up to 12 percent, which, even then, would remain within the normal bounds of a strong bull cycle.
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