After two days of pressure on the Greek stock market, only two of the 25 FTSE 25 constituents are up both year to date and since the September 18 rebalancing: Optima bank and EYDAP.
The rally of the first nine months, fuelled by Greece’s upgrade to developed-market status, has given way to pressure as the international environment now weighs on Athens too.
Until the rebalancing, the Greek stock market had moved relatively independently of international markets. The upgrade to developed-market status acted as a powerful catalyst, and blue-chip returns were impressive. On September 18, for example, Motor Oil was up about 116% year to date, HELLENiQ Energy about 109%, Optima bank 78% and GEK Terna 70%.
After the rebalancing, however, that independence was lost and pressure from the international environment spread to the Greek market. Of the index’s 25 constituents, only four are now trading above their September 18 levels.
Optima bank closed at €13.95, up 80.93% year to date, the FTSE 25’s third-best performance. It is the only bank trading above its level at the rebalancing, with a gain of 1.38% from €13.76. Up 4.42% for the week, the index’s strongest performer, it is also the only stock with gains over all three time frames.
EYDAP has bucked the trend of recent weeks. It is up 7.69% since the rebalancing, rising from €12.48 to €13.44, lifting its year-to-date gain from about 59% on September 18 to 70.99% today. It fell 2.04% last week.
Bucking the trend, but still down for the year
Two other stocks have gained since the rebalancing, but remain below their levels at the start of the year. Jumbo has been the biggest winner since September 18, rising 9.32% (from €25.12 to €27.46). It is now down just 1.58% year to date and needs to move above its end-2025 level of €27.90 to be “up on both counts”. Aegean is up 0.54% since the rebalancing, but down 22.16% for the year.
The largest group comprises 16 stocks that remain up year to date but are trading below their levels at the rebalancing. Motor Oil’s year-to-date gain has fallen from about 116% to 91.08%, after a 11.44% decline since September 18, the steepest in the index. HELLENiQ Energy is down 7.90%, bringing its gain from about 109% to 92.34%. It nevertheless remains the top-performing stock of 2026.
Other stocks to have corrected sharply since the rebalancing include GEK Terna (-9.16%), National Bank of Greece (-6.97%), Cenergy (-6.46%) and Piraeus (-6.37%). The systemic banks, however, managed to end the week higher despite selling pressure: National Bank gained 3.17%, Alpha Bank 2.95%, Piraeus 1.26% and Eurobank 0.67%.
Coca-Cola HBC recorded the FTSE 25’s biggest weekly fall, amid developments in Russia, losing 13.65% (from €57.50 to €49.65). It has therefore slipped into negative territory since the rebalancing (-1.88%), while its year-to-date gain has narrowed to 11.02%. Metlen (+3.20%) and Aktor (+1.43%) are now only marginally higher for the year.
In the red over both periods
Five stocks are down both year to date and since the rebalancing. The biggest losses are at CrediaBank (-42.64% for the year, -7.07% since September 18) and Allwyn (-41.47% and -9.11%). They are followed by Lamda Development (-17.98% and -7.01%), Titan (-12.95% and -5.38%) and ElvalHalcor (-10.37% and -5.73%).
| Share | Share price | Change year to date | Change since rebalancing | Weekly change |
|---|
| 31/12/2025 | 18/9/2026 | 2/11/2026 | 6/11/2026 |
|---|
| Optima Bank | 7,71 | 13,76 | 13,36 | 13,95 | +80,93% | +1,38% | +4,42% |
| National Bank of Greece | 13,00 | 17,50 | 15,78 | 16,28 | +25,23% | -6,97% | +3,17% |
| Alpha Bank | 3,58 | 4,73 | 4,40 | 4,53 | +26,54% | -4,15% | +2,95% |
| GEK Terna | 25,42 | 43,22 | 38,64 | 39,26 | +54,45% | -9,16% | +1,60% |
| Aegean Airlines | 14,26 | 11,04 | 10,93 | 11,10 | -22,16% | +0,54% | +1,56% |
| Piraeus | 6,79 | 10,29 | 9,51 | 9,63 | +41,74% | -6,37% | +1,26% |
| Eurobank | 3,42 | 4,67 | 4,45 | 4,48 | +30,80% | -3,97% | +0,67% |
| Jumbo | 27,90 | 25,12 | 27,40 | 27,46 | -1,58% | +9,32% | +0,22% |
| CrediaBank | 1,60 | 0,99 | 0,92 | 0,92 | -42,64% | -7,07% | 0,00% |
| OTE | 16,86 | 19,49 | 18,85 | 18,78 | +11,39% | -3,64% | -0,37% |
| Bank of Cyprus | 7,94 | 10,60 | 10,62 | 10,50 | +32,24% | -0,94% | -1,13% |
| Public Power Corporation | 18,20 | 24,18 | 23,46 | 23,14 | +27,14% | -4,30% | -1,36% |
| Allwyn | 19,10 | 12,30 | 11,40 | 11,18 | -41,47% | -9,11% | -1,93% |
| EYDAP | 7,86 | 12,48 | 13,72 | 13,44 | +70,99% | +7,69% | -2,04% |
| Viohalco | 11,90 | 15,10 | 15,22 | 14,88 | +25,04% | -1,46% | -2,23% |
| Lamda Development | 7,12 | 6,28 | 6,05 | 5,84 | -17,98% | -7,01% | -3,47% |
| Athens International Airport | 10,74 | 12,27 | 12,34 | 11,89 | +10,71% | -3,10% | -3,65% |
| Aktor | 9,80 | 10,08 | 10,34 | 9,94 | +1,43% | -1,39% | -3,87% |
| ElvalHalcor | 3,76 | 3,58 | 3,51 | 3,37 | -10,37% | -5,73% | -3,99% |
| Titan | 52,50 | 48,30 | 47,90 | 45,70 | -12,95% | -5,38% | -4,59% |
| Motor Oil | 31,40 | 67,75 | 63,35 | 60,00 | +91,08% | -11,44% | -5,29% |
| Cenergy Holdings | 15,00 | 22,30 | 22,08 | 20,86 | +39,07% | -6,46% | -5,53% |
| HELLENiQ Energy | 8,36 | 17,46 | 17,04 | 16,08 | +92,34% | -7,90% | -5,63% |
| Metlen | 43,80 | 45,66 | 48,00 | 45,20 | +3,20% | -1,01% | -5,83% |
| Coca-Cola HBC | 44,72 | 50,60 | 57,50 | 49,65 | +11,02% | -1,88% | -13,65% |