Foreign Investors Set Record Stake in Athens Stock Exchange
Athens, February 9, 2026 – International investors have significantly increased their presence in the Athens Stock Exchange (ATHEX), with foreign participation in the market’s total capitalization reaching an all-time high of 69.3% by the end of September 2025. This figure represents a substantial rise from previous years and underscores growing global confidence in the Greek economy.
Record-Breaking Foreign Holdings
The Athens Exchange reported that foreign investors strengthened their position for the fifth consecutive year. By the close of September 2025, foreign participation in the ATHEX capitalisation reached 69.3%, corresponding to €82.8 billion – the highest foreign-held value ever recorded. This marks a 34% rise in the value of foreign holdings compared with the €60.9 billion recorded at the end of 2024.
Foreign participation in market liquidity also climbed sharply, reaching 64.1% in 2025. This level is comparable to pre-crisis figures and close to the 64.9% recorded in 2014, indicating a significant shift from the 50.8% baseline observed in 2020. This trend highlights the increasing influence of international capital in Greek equities.
Institutional Investors Drive Ownership
Institutional investors remain the primary force behind this foreign ownership, concentrating their allocations in key sectors such as banking, energy, and infrastructure. The Athens Exchange noted that this trend reflects rising confidence in Greece’s core economic sectors. The combination of record foreign ownership and foreign dominance in trading activity confirms that the Greek market has transitioned from a peripheral exchange to a destination for high-conviction global institutional investment.
A structural change in investment strategy is also evident, with continued net inflows since 2021. International investors are increasingly treating Greek listed companies not merely as short-term trading opportunities but as long-term core holdings within global portfolios.
Factors Behind Increased Foreign Involvement
The sustained rise in foreign participation is attributed to several key factors:
- Improved macroeconomic stability
- Strong corporate performance
- Attractive valuations
- Deeper market liquidity
Greece’s full return to investment grade status in 2025 is considered a cornerstone of the market’s strong performance. This upgrade not only boosted valuations but also permanently expanded the pool of available capital, laying the groundwork for a future transition of the Athens Stock Exchange into developed market status. Moody’s, the final major ratings agency, upgraded Greece to investment grade in March 2025, completing the country’s restoration.
Accelerated Trading and Market Capitalization Growth
The Athens Stock Exchange has also seen a steady expansion in liquidity in recent years, with 2025 showing a sharp acceleration in trading. The average daily trading value reached €219 million in 2025, a 56.6% increase compared with 2024 and more than triple the €65 million recorded in 2020.
Banks remained the main driver of liquidity, contributing significantly to the total 237% rise in average daily trading value since 2020. This growth reflects healthy, broad-based expansion across all market segments. The momentum continued into 2026, with market turnover reaching its highest levels since May 2008. January alone produced €8.3 billion in trading value in just 20 sessions, a stark contrast to the 122 sessions required to generate the same level of turnover in the first half of 2018, according to Beta.
Total market capitalization climbed to €146.8 billion by the end of 2025, reaching its highest level since June 2008. This expansion reflects a broad re-rating of the Greek market, as rising valuations increasingly rest on stronger listed-company fundamentals and the wider recovery of the Greek economy.
The banking sector remained a central driver of the market’s growth, with bank capitalization rising to €49.1 billion in 2025, a 74% annual increase, representing roughly 33.4% of the total market. Non-financial sectors also contributed significantly, reaching a combined capitalization of €97.7 billion, a 29.3% increase, supported by strong performance in energy, industry, and infrastructure.
Source: https://greekcitytimes.com/2026/02/09/foreign-investors-set-record-stake-in-athens-stock-exchange/
