Athens Exchange has been going through a period of extraordinary dynamics, recording price levels it had to see since December 2009. The dynamic excess of 2,400 units by the General Index, with the intra-session high at 2.444 units and the closure at 2,421 units, is not just a technical victory, or a confirmation of the target values of the diagram and technical analysis, but the seal of a long attempt to recover and transform the entire Greek economy. With the European identity of Euronext Athens, the General Index sees in the eyes the levels of 2,550 and 2,600 units.
The march from 2019 to today is in itself one «success story» for the domestic capital market. After a decade of crisis, the AA gradually passed into a new cycle following the course of the Greek economy. At first he followed her with a delay. But now he may be enthusiastically discounting everything that comes next.
The period from 2019 to 2022 was the period of restoration of confidence in the Greek economy and of improvement in the budgetary figures that created the conditions for the restart of the market. The transformation of the banking system through the treatment of enormous burdens by unperforming loans and limited access to markets and the gradual improvement of the basic sizes of listed companies began to change the scene. Despite the unrest caused by the pandemic in 2020, the Greek economy managed to recover faster than the initial forecasts.
The period 2023 – 2025 followed, characterized by price launch, since the recovery of the investment tier and the strong development of the Greek economy brought its stock market and shares back to the microscope of international investment interest. It was at the same time the period when we heard right and left objections about the possibility «bubble» Or a rigged game. Often we heard: «Here we did not buy National shares at 3 euros and PPC at 4 euros, will we buy them at 5 euros and 8 euros?» And here's the National Bank at 15 euros and PPC at 23 euros. For us it was the period when the stock market was firmly at its feet, offering investors strong fundamental and spectacular gains.
2026 could be described, perhaps the year of full maturation. Where despite geopolitical challenges, such as instability in the Middle East and the new energy shock, the market shows an unprecedented resilience. Driven by strong and sustainable corporate results, by systematic placements of foreign institutional investors, by highly positive and optimistic exhibitions of the world's largest investment houses and by strategic market upgrade.
Investment interest from abroad is at historically high levels, with the participation of foreign investors in the capitalization of the HA now reaching 69%. Their share in transactions ranges from 64% to 71%. International institutional investors no longer see Greece as a market «Specific situations», but as a developed European market (after the relevant MSCI upgrade), with strong growth rates, improved corporate results and attractive valuations compared to other European markets. A fact that opens the doors to inflow new funds from portfolios following indicators of developed countries.
Stock analysts remain optimistic, seeing the upward circle still have room. Supported:
(a) from attractive valuations, where despite the rise, many indicators remain attractive compared to European averages, with Greek banks remaining undervalued by up to 30% in some cases;
(b) from strong profitability where the results of the first quarter (Q1) of 2026 confirm that the quoted maintain high profit margins while offering rich dividends and share repurchase; and
(c) increasing mobility in acquisitions, mergers and new imports (IPOs) that enhance liquidity and market depth.
However, the week beginning today has a date in front of it that acts as a burden, due to the dense events that occur that day. So on Friday 19 June according to the Euronext Athens calendar, three categories of contracts expire simultaneously. Contracts (SICs) in shares, contracts in indicators mainly of FTSE 25 as well as options.
The simultaneous termination of all these contracts generally creates a nervousness on the market, since institutional investors on the one hand and traders on the other hand have to close or shift their open positions, increasing both the volume of transactions and price volatility.
But on Friday there is another important stock exchange event. The fact of the restructuring of FTSE/Russell indicators, which will lead to an increase in transactions in certain shares, on which institutionalised «passively» portfolios that follow indicators and of which will leave traders who had been able to take positions there.
So what does Friday 19 June mean for the market? It means that the whole week will allow investors to «digest» the new high levels of the General Index, realize the importance of the prices of stronger shares based on real business and economic data rather than vague expectations and observe the «Where will the ball sit?» with its dense events «triple kissing day», as Anglo-Saxons describe on the day of the simultaneous termination of all these contracts.
And of course, in the background of the stock market, investors will be anxious about the national elections and the risks that accompany them.
