The Athens Stock Exchange fell on Monday, giving back some of the gains that had driven the market to a 17-year high, with the General Index dropping below the closely watched 2,700-point support level, though it kept close contact with it.
The General Index closed the session on September 14 down 31.53 points, or 1.16%, at 2,694.96 points. The index swung across a range of roughly 41 points, hitting an intraday low of 2,689.32 points and a high of 2,730.60 points. The market's return for the year now stands at 27.08%.
Industrial stocks came under heavy selling pressure after rumours spread that a large Greek company had taken on excessive debt and posed a systemic risk to the banking sector. Bank of Greece governor Yannis Stournaras rejected the rumours, describing them as "fake news." The Bank of Greece is the country's central bank and supervises financial stability alongside the European Central Bank.
Among the stocks that fell were Viohalco Group, Lamda Development, GEK Terna, Aktor, Metlen, Titan Cement, Aegean Airlines and the Independent Power Transmission Operator, known as ADMIE.
Coca-Cola HBC provided significant support, with a strong rally in its shares largely preventing the General Index from drifting further away from the 2,700-point mark. The gain was driven by approval from South Africa's competition authorities for Coca-Cola HBC's acquisition of Coca-Cola Beverages Africa, a deal worth about $2.6 billion. Coca-Cola HBC bottles and distributes Coca-Cola products across Europe and Africa and is one of the largest companies listed on the Athens exchange.
Upgrade to developed market status
The Greek capital market is entering the final stretch of a historic reclassification. On Friday, September 18, index providers FTSE Russell and Stoxx will carry out their rebalancing, formally confirming Greece's move from advanced emerging market status to developed market status. The change is expected to significantly boost trading volumes and liquidity through the week, as international institutional portfolios adjust their holdings.
At the same time, global appetite for risk is under pressure. A fresh rise in oil prices has revived fears of renewed inflation, just as investors focus on upcoming interest rate decisions from the US Federal Reserve, the Bank of England and the Bank of Japan. Higher bond yields and energy costs are acting as a brake on the Greek market's advance, though strength in the banking sector combined with capital inflows tied to the FTSE Russell and Stoxx upgrades continue to support the index.
Rating agency verdicts due September 18
Two international rating agencies are due to issue verdicts within days, alongside Greece's market upgrade. On Friday, September 18, Moody's will publish its report on Greek sovereign debt, with the country currently rated Baa3 with a stable outlook. Scope Ratings will carry out its own review the same day, with Greece currently rated BBB with a positive outlook.
Key dates for the market
September 18 is also pivotal for investment flows into the Athens exchange, with portfolio rebalancing due at the close of that session. On Monday, September 21, the official reclassification of the Greek market to developed status by FTSE Russell takes effect, alongside the Stoxx upgrade and the semi-annual review of the FTSE All World indices. The quarterly derivatives series also expires on September 18. These combined events are expected to bring increased volatility and higher trading volumes as international institutional funds reposition ahead of Greece's entry into developed markets.
Busy week for earnings
The calendar of half-year 2026 results is packed this week. Aegean Airlines opened proceedings by publishing its figures after Monday's session closed. Performance Technologies and Premia Properties report before Tuesday's session on September 15, followed after the close by GEK Terna and Qualco. Lamda Development reports after Wednesday's session on September 16, while Profile, Lavipharm and Europe Holdings follow on Thursday, September 17. The week concludes on Friday, September 18, after trading closes, with results from Ellaktor.
Separately, trading began on Monday in 12 million new shares of Safe Bulkers, issued through a private placement share capital increase worth 80.4 million euros at a price of 6.7 euros per share. Star Bulk shares are due to begin trading on Wednesday, September 16.
