By Alexia Sotiriou

The Athens Stock Exchange is entering 2026 with investors maintaining a cautiously optimistic outlook, supported by expectations that the ongoing bull market will continue, after delivering cumulative gains of more than 162% over the past five years.

The General Index, which recorded a total increase of +44.3% in 2025 (second-best performance since 2000), stands at 2,120 points, just shy of the peak of 2,127 points (15-year high).

Analysts say the conditions are in place for the index to extend its upward trend, potentially reaching new highs in the short- to medium-term.

Greece’s stable economic growth, record-breaking corporate profitability and dividend payouts, attractive valuations relative to overseas markets, and successive business deals create a fairly fertile ground for buyers.

In addition, there is the prospect of Athens returning to Developed Markets as well as the inclusion of HELEX in the internationalized umbrella of Euronext.

On the other hand, some challenges and concerns may spoil the hopeful character of the Greek narrative.

The political stability factor, which constitutes the basis of the evolving bull market, is clearly going to become increasingly important as the country moves closer to the 2027 election year.

Beyond that, external uncertainties, including the international environment, continue to play a decisive role in shaping market trends. With valuations stretched, analysts say the coming period could test whether stocks can sustain fresh highs or shift toward correction and profit-taking.