Portugal's PSI Index Closes Lower on Weakness in Energy and Telecoms

Portugal's primary stock market index, the PSI, finished in negative territory on Friday, closing the session down 0.40%. The decline was primarily driven by sector-specific weakness, with notable losses in the telecoms, basic materials, and consumer services industries, according to market data.

Sector Performance and Key Movers

The session's biggest laggard was the energy company Galp Energia (ELI:GALP), which saw its shares fall by 4.44%. The telecommunications firm Nos SGPS (ELI:NOS) also experienced a significant drop, declining 3.87%.

Despite the headline index's fall, market breadth was nearly balanced. Data from the Lisbon Stock Exchange showed 12 stocks advancing while 11 declined, with 7 ending the session unchanged. This indicates the index's negative performance was heavily influenced by the sharp declines of a few large-cap components.

Among the top performers were:

Ad

• Banco Comercial Portugues (ELI:BCP), which rose 1.71%.
• Ibersol SGPS (ELI:IBS), adding 1.62%.
• Teixeira Duarte (ELI:TDSA), which gained 1.04%.

Broader Market Context

The pressure on energy stocks like Galp coincided with a significant downturn in the global commodities market. Brent crude futures for September delivery fell 4.65% to settle at $96.01 a barrel, while WTI crude oil dropped 4.14% to $88.37 a barrel.

In currency markets, major pairs showed little movement. The EUR/USD was largely unchanged at 1.14, as was the EUR/GBP at 0.85. Meanwhile, gold futures provided a slight contrast, rising 0.71% during the trading session.