The Athens Stock Exchange (ATHEX) is entering a new phase following its takeover by Euronext, Europe’s largest stock exchange group, with early signs suggesting that the shift is more than symbolic.
Even during the transition process, which is now fully underway, the change is already visible. This week, representatives of Euronext officially joined the board of ATHEX, marking a key milestone in the integration. Market participants say the developments reflect a structural upgrade rather than a short-lived rally driven by global conditions.
Rising trading activity signals deeper market
The figures tell a clear story. Average daily turnover at the Athens Stock Exchange has reached €299 million so far this year, putting trading activity just below the closely watched €300 million level. That compares with an average of about €240 million for the whole of 2025.
For a market long criticized for it’s limited depth, this increase is significant. Analysts note it suggests ATHEX is becoming more attractive to large institutional investors, who can now enter and exit positions with less concern over liquidity constraints.
Banks and blue chips draw international flows
According to market analysts, the improvement is closely linked to stronger international capital flows. Greek banks are at the center of investor interest, benefiting from expanded coverage by foreign analysts and improved return prospects. At the same time, heavyweight listed companies in energy, construction and infrastructure are also drawing attention.
These sectors, often seen as bellwethers of the Greek economy, are providing international investors with a clearer long-term narrative.
Potential tailwinds from global shifts
The broader international environment could act as a catalyst. Political uncertainty in the United States and the renewed prominence of US President Donald Trump are expected to prompt some European investors to reduce exposure to U.S. assets and reallocate capital within Europe.
European investors currently hold an estimated $8 trillion in U.S. assets, including stocks and bonds. Market observers say even a modest repatriation of those funds could have a powerful impact. The also believe that ATHEX has the characteristics needed to claim a share.
Higher valuations, higher expectations
Over the past year, the ATHEX’s total market capitalization has risen by about 50%, raising expectations for listed companies. Analysts say the focus is shifting from price gains alone to the fundamentals behind them, including profits, investment plans and clear growth strategies.
Beyond the banking industry, industrial companies are accelerating investment plans, while construction firms are benefiting from major infrastructure projects and funding from Greece’s Recovery and Resilience Fund (RRF)
Eurobank Equities projects a further upside of 16% for ATHEX in 2026, noting that valuations remain attractive compared with other European markets despite the strong rally. The key question now is whether the momentum can be sustained, something market participants say is more likely under Euronext’s ownership.
Source: ot.gr
