The Athens Stock Exchange followed the path of the international markets and entered a recovery phase, after the lows recorded at the peak of geopolitical tension.

At the same time, the S&P 500 hit a new all-time high, confirming that markets often leave crises behind before they are over.

Experience shows that geopolitical shocks cause sharp but brief pressures. On more than 18 occasions since World War II, the S&P 500 fell an average of 6.2%, but recovered within about 30 sessions. The same pattern seems to be repeating itself now.

investors are discounting risk and moving ahead of developments. According to Goldman Sachs, in this environment opportunities with controlled risk are being created.

The performance of oil also played an important role. When brent approached $120, the General Index touched its lows. However, on the same day the General Price Index made an intra-day low of 2,036 to close at 2,102.

The market reaction

From the late March lows, the General Index has risen by 13.36%, with total capitalization up by 22.63 billion. EUR 22.63.

The bank index rises 20.05%, while the large-cap index gains 13.91%. The mid-cap is also moving higher, with gains of 11.74%.

Among the high-cap stocks, the biggest reaction from the March 30 lows is recorded by Piraeus (+26.43%), GEK Terna (+26.11%), Alpha Bank (+25.45%), Eurobank (+21.93%), Viohalco (+21.26%), Elvalhalcor (+18.99%), Aktor (+17.65%), Aegean Airlines (+15.22%), Ethniki (+14.96%), Cyprus (+14.03%), Sarantis (+11.94%), Metlen (+11.62%), Optima Bank (+10.34%) and OTE (+10.30%). They are followed by PPC (+8.81%), Titan (+8.55%), Jumbo (+7.83%), Lamda Development (+7.48%), PPA (+5,52%), Coca Cola HBC (+4.53%), AIA (+4.12%), Allwyn (+3.80%), EYDAP (+3.77%), HELPE (+0.98%) and Motor Oil (+0.85%).

Shares returning to pre-war levels

Compared to the start of the war, as of the February 27 session, based on Thursday’s (4/16) close (2,274.98 points), the General Index is down marginally 0.12%, the banking index is up 2.08%, while total capitalisation is €5.57 billion higher. The main stock index is down 5.5% from the year highs of 2,407.07 points recorded in the February 4, 2026 session.

Since the start of the war, among the high-cap indices, EYDAP (+19.52%), GEK TERNA (+13.80%), HELPE (+10.61%) have risen, Sarantis (+6.28%), Ethniki (+5.91%), Aktor (+4.36%), Piraeus (+3.23%), Motor Oil (+3.05%), Metlen (+1.96%), PPA (+1.33%), PPC (+1.27%), OTE (+1.04%), Cyprus (+0.49%) and Alpha Bank (+0.16%).

On the other hand, shares of Allwyn (-12.63%), Elvalhalcor (-11.48%), Viohalco (-9.63%), Lamda Development (-9.59%) are down, Titan (-9.33%), Coca Cola HBC (-6.79%), Optima Bank (-6.13%), AIA (-4.98%), Jumbo (-4.59%), Aegean Airlines (-3.43%) and Eurobank (-0.31%).

The banking sector continues to attract interest

Despite the volatility, foreign agencies maintain a positive stance on Greek banks.

UBS and HSBC see upside, believing valuations remain attractive. In the same vein, Deutsche Bank is raising its target prices.

Greek banks are trading at around 6.5 times 2027 earnings, when European banks are close to 8 times.

According to Goldman Sachs, the domestic environment is supporting the industry. And credit demand remains strong, while portfolio quality is showing strength. At the same time, Greece has less exposure to energy pressures than other eurozone countries.