S.East Europe Capital Markets 23.09.2025

SE Europe Capital Markets

Major South Eastern European (SEE) markets ended the session mixed, reflecting the broader European trend, where leading stock exchanges traded mostly higher as investors digested fresh economic signals. Optimism was lifted by news that Eurozone and German business activity grew at an accelerated pace in September, while the OECD raised its euro area 2025 growth projection to 1.2%, up from 1%. Against this backdrop, gains in Athens, Sofia, and Nicosia contrasted with losses in Zagreb, Ljubljana, and Bucharest, while several smaller markets ended flat.


In Sarajevo, the SASX-10 index was off 0.11%. Turnover on the Sarajevo Stock Exchange (SASE) reached 1.479,56 KM in today’s session, with 13 trades concluded and a total of 4808 securities changing hands. The most actively traded stock was SUPER-NOVA DD MOSTAR which generated the highest turnover of 180.000,00 KM.


The Banja Luka Stock Exchange’s BIRS index was higher by 0.09% settling at 840,01 points. Turnover totaled BAM 13.065,37 while the exchange’s market capitalization hovered around 1.010.919.350,89.


In Sofia, the main equity index SOFIX added 0.24% settling at 1 068.05 points. The total turnover on the Bulgarian Stock Exchange’s market (including the Main, Alternative, beam and MTF BSE International markets) stood at EUR 4 362 714 (BGN 8 532 727).


The Zagreb Stock Exchange’s CROBEX index declined 0.80% to settle at 3,797.39 points. Turnover stood at EUR 2,626,678.89.


Cyprus’ general index was up 0.77% to end the session at 288.85 points. Total stock volume amounted to EUR 926,490.25 across 169 transactions. Of the listed companies, 7 posted gains, 5 declined, 4 remained unchanged, and 32 were not traded.


In Athens, the general index rose 1.00% to finish at 2,063.03 points. Avax led blue-chip gainers as its shares soared 4.78%.


The Moldova Stock Exchange saw no trading activity today.


In Podgorica, Montenegro’s stock exchange MNSE 10 index was unchanged at 1.175,06 points. The stock PRIT was the hit of the day, closing at a price of €3.30 It recorded a total trading volume of €222.321 executed through 1 transaction.


North Macedonia’s MBI-10 index was lower by 0.09% settling at 10,458.10 points. The market capitalization stood at MKD 272,196,246,573.


Bucharest’s benchmark BET index was lower by 0.65%, closing at 20,644.54 points. Among blue-chip stocks, Romgaz led decliners as its shares plunged 2.55%. Read full Romania Market Report here.

The Belgrade Stock Exchange’s BELEX15 index was off 0.04% finishing at 1.227,42 points. Market capitalisation stood at RSD 497.156.827.724
(EUR 4.242.698.185).


Finally, in Ljubljana, the SBITOP index dropped 0.33% to end at 2,464.82 points. Turnover stood at EUR 4,021,634.60.