Thursday, 30 August 2007

PSI 20 index (Acções de Lisboa): Its up! Its down! Its every where!

I wrote this at 15:00 GMT (see below). As you can see almost everything changed in one and a half hour. A roller coaster day, again! Only the final question stands: where did all the logic go?

The morning broke sunny and bright. The previous afternoon brought good omens from across the ocean (USA) and everything seemed in it place for a normal, calm, positive session in Euronext Lisbon and in the rest of Europe. Sonae SGPC and Sonae Industria were capitalizing the unexpected good results presented the day before, BCP started nicely…. But then, again, hell broke loose and Euronext’s PSI 20 Index kept falling and falling. It was the front runner of what came to be an almost generalized loosing day in European markets (now at sync with what is happening in the US openings). At least this is what we can see at 15:00 GMT.
Europe seems incapable of rising as high as the US and capable to go lower than the US. Supposedly the crises began in the USA, supposedly the European economies are stronger than US’s, so, where did all the logic go?
PSI 20 Index (Acções em Lisboa) closed the session loosing 0,15% with BCP registering the biggest slide of the day 4,06% - the management crisis and the uncertainty of the internal war outcome is taking its heavy toll!
On the rise we had 12 of the 20 PSI titles. Sonae Industria (+3,20%), Galp Energia (+2,38%) and Sonae SGPS (+1,55%) registered the best performances of the day.

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