The FTSE/ATHEX 25 Index is the primary blue-chip equity index of the Athens Stock Exchange (ATHEX). It tracks the performance of the 25 largest and most liquid companies listed on the Greek market, based on free-float adjusted market capitalisation. The index is jointly managed by FTSE Russell and the Hellenic Exchanges–Athens Stock Exchange S.A., and is widely used by institutional investors, ETFs, and fund managers as a benchmark for Greek large-cap equity exposure.
The FTSE/ATHEX 25 is designed to represent the core of the Greek stock market. It captures the dominant players in banking, energy, telecoms, industry, and infrastructure, and often acts as the bellwether index for the Greek equity market in both domestic and international circles.
Index Composition and Weighting
The FTSE/ATHEX 25 is a free-float market capitalisation-weighted index, which means companies with more publicly traded shares have a proportionally higher impact on the index’s performance. To be included, a company must meet minimum criteria for liquidity, trading frequency, and market capitalisation. Stocks are reviewed and rebalanced quarterly, with the potential for inclusions or removals depending on corporate actions or changes in trading activity.
The index typically includes:
- Banks: National Bank of Greece, Eurobank, Alpha Bank, and Piraeus Bank are almost always part of the index and heavily weighted due to their market size.
- Telecoms: OTE Group is a consistent member and often one of the top-weighted stocks.
- Energy and Utilities: Public Power Corporation (PPC), Hellenic Petroleum, Motor Oil Hellas, and Terna Energy.
- Construction and Industrial Conglomerates: Mytilineos, GEK Terna, and Ellaktor.
- Retail and Consumer Stocks: Jumbo, Fourlis, and others depending on market activity.
Sector exposure in the index is not balanced—it reflects the structure of the Greek economy and stock market, which is concentrated around financials and capital-intensive industries.
Performance and Use in Trading
The FTSE/ATHEX 25 is used as a benchmark by both domestic and international investors. Its real-time value is calculated and published throughout the trading day. The index is also used as the underlying for derivatives traded on the Athens Derivatives Exchange, including index futures and options, which allow institutional investors to hedge Greek equity exposure or speculate on directional moves.
While it mirrors broader Greek macroeconomic performance, the index can be disproportionately affected by individual stock movements due to its concentration. For example, large swings in banking stocks—common during periods of political or economic uncertainty—can heavily impact the index’s short-term value.
The FTSE/ATHEX 25 reached its historical highs during the 1999-2000 Greek market bubble and has since experienced significant corrections, most notably during the 2008 global financial crisis and the 2010–2015 sovereign debt crisis. Since then, it has traded at lower valuations relative to pre-crisis levels, though improved fiscal stability and reforms have supported some recovery in recent years.
Investor Access and ETFs
Investors can track or gain exposure to the FTSE/ATHEX 25 through:
- Local ETFs: The Lyxor FTSE Athex Large Cap ETF trades on the Athens Stock Exchange and directly replicates the FTSE/ATHEX 25.
- Global ETFs with Greek exposure: Funds like the Global X MSCI Greece ETF (GREK) include several FTSE/ATHEX 25 constituents, though they track a broader range of Greek stocks.
- Direct equity trading: Institutional investors may buy basket trades that mirror the index, while retail investors can build similar exposure by purchasing individual constituents.
The FTSE/ATHEX 25 is also widely followed by Greek pension funds, domestic mutual funds, and retail investors who use it as a core equity benchmark.
Economic and Market Sensitivity
Because it includes Greece’s largest corporations, the FTSE/ATHEX 25 is closely tied to domestic economic trends, policy decisions, and investor sentiment toward the broader Eurozone. Key influences on the index include:
- Greek government fiscal policy and reform implementation
- European Central Bank monetary policy and credit conditions
- Tourism flows and energy market volatility
- Political stability and sovereign credit ratings
- Public sector employment trends and consumer demand
It also reacts strongly to global risk appetite. In periods of increased geopolitical tension or Eurozone instability, Greek large caps tend to underperform due to their perceived higher risk and thinner liquidity. In contrast, during risk-on periods or when European peripheral economies are in favour, the index can benefit from capital inflows chasing undervalued equity markets.