The market value of the companies listed on the Athens Stock Exchange amounts to 196.3 billion euros. With the General Index at +25.71% since the beginning of the year, the rise in valuations corresponds roughly to about 40 billion euros.
The net new funds recorded from the two main investor categories are much smaller.
Foreign investors: positive balance, but with August as a “brake”
Foreign investors appear as net buyers of 254.8 million euros cumulatively during 2026. In August, however, they sold shares with a net value of 159.6 million euros.
If the cumulative figure covers the period through August, net purchases in the first seven months reached about 414 million euros. In other words, a single month wiped out almost 40% of the inflows of the year.
Domestic mutual funds: steady, small support
Domestic equity mutual funds are recording net inflows of 179.8 million euros since the beginning of the year. In the last week they posted marginal outflows of 1.6 million euros.
In total, foreign investors and mutual funds have channeled about 435 million euros, that is, a little more than 1% of the increase in market capitalization.
Liquidity changed scale
Where the change is clearly visible is turnover. The average daily trading value stands at 354.1 million euros, up 62.4% compared with 2025. This means that last year the corresponding average was about 218 million euros. The past week (358.6 million daily) was close to this year’s average. The drop of 69.6% versus the previous week is due to the large rebalancing from the market’s reclassification to developed status.
The increase in trading also has one direct winner on the board. The share of Hellenic Exchanges is gaining 68.4% this year, 27% in September alone.
Where the money went
The data do not show which shares each investor category bought. However, the distribution of returns shows where demand was concentrated. The FTSE 25 of large capitalizations is up 27.76%, while the FTSE MID 40 is up only 8.80%. The 33 shares tracked by Beta represent 169.5 billion euros, about 86% of the total market.
At the top are high-capitalization and liquid stocks: Motor Oil (+112.3%), Helleniq Energy (+105.6%), Piraeus (+51.3%), Eurobank (+37.3%), NBG (+34.1%). The systemic banks outperformed the European ones by 15.7 percentage points. By contrast, smaller names with deep discounts versus abroad (Papoutsanis, Sarantis) are moving negatively.