Greece’s stock market has lost about €10.4 billion ($12 billion) in value since fighting erupted in the Middle East, with the benchmark index falling 6.81%, as escalating regional tensions rattled investor confidence.
The selloff has largely erased the market’s gains for 2026, while the banking index dropped 8.35% during the same period, reflecting heavy pressure on some of the most actively traded stocks on the Athens exchange.
Total market capitalization of listed companies fell to €146.7 billion ($170.4 billion) from €157.1 billion ($182.5 billion) before the conflict began.
Few stocks resist the selloff
Only a small number of large-cap companies managed to buck the broader market decline. Shares of EYDAP, the Athens water utility, rose 7.78%, while HelleniQ Energy gained 1.87% and Motor Oil edged up 0.05%.
Losses were far steeper across the rest of the blue-chip index. Aegean Airlines posted the sharpest decline, falling 15.6%, followed by Optima Bank (–12.68%), Viohalco (–12.55%), ElvalHalcor (–12.47%), Titan (–11.43%) and Piraeus Bank (–11.33%).
Other major decliners included Athens International Airport (–9.62%), Eurobank (–8.88%), Public Power Corporation (PPC) (–8.47%), Lamda Development (–8.44%), Allwyn–OPAP (–8.10%), Alpha Bank (–7.72%) and National Bank of Greece (–6.06%).
Meanwhile, Jumbo, Bank of Cyprus, OTE, GEK TERNA, Coca-Cola HBC and Metlen also posted declines ranging between about 4% and 6%.
Aktor and Piraeus Port Authority proved more resilient, recording relatively small losses of 0.38% and 0.53%, respectively.
Conflict duration seen as key risk
Analysts say the outlook for the Greek market will largely depend on how long the confrontation involving the United States, Israel and Iran lasts and whether it spreads further across the region.
Credit rating agency Moody’s has outlined a baseline scenario in which the conflict lasts four to six weeks, expecting limited impact on energy markets, Gulf economies and global trade flows under that assumption.
However, the agency warned that a prolonged conflict could trigger broader economic repercussions and raise credit risks.
Limited short-term impact so far
Brokerages Axia and Alpha Finance say the war’s direct impact on the Athens market remains limited for now, though investors should differentiate between companies with defensive characteristics and those more exposed to disruptions in energy prices, transport and regional demand.
Stocks viewed as relatively defensive include OTE, Allwyn–OPAP, Jumbo, GEK TERNA, Cenergy, ADMIE and EYDAP, according to their analysis.
In the refining sector, companies such as HelleniQ Energy and Motor Oil appear able to secure sufficient crude supplies for several weeks. Higher energy prices could also provide short-term benefits for companies including PPC, Metlen, GEK TERNA, Motor Oil and HelleniQ Energy.
Airlines and transport more exposed
Transport companies appear more vulnerable to regional instability. Aegean Airlines and Athens International Airport could face pressure if passenger traffic to and from the Middle East declines.
Axia and Alpha Finance said a contained conflict would likely have limited short-term effects on Piraeus Port and Thessaloniki Port, but warned that a broader escalation could quickly affect demand and profitability, particularly in cruise and passenger operations.
Energy prices remain a critical factor
Analysts at Optima Research say the duration and intensity of the conflict will be decisive for the Greek economy in 2026.
Greece remains a net importer of energy, meaning increases in oil and gas prices could weigh on its trade balance and economic growth.
According to Optima Research, every $10 rise in the price of oil per barrel could reduce Greece’s GDP by about 0.15%.
Investors still see long-term potential
Despite the current volatility, Bank of America continues to rank the Athens stock market among the more attractive exchanges in the broader EEMEA region (Eastern Europe, the Middle East and Africa).
The bank said Greek equities still offer appealing valuations, dividend yields and earnings prospects, though rising geopolitical tensions in the Middle East have introduced a new layer of uncertainty for global investors.