Down, down, down, high society

Elis Regina a late Brazilian singer (between jazzy and bossa nova) immortalized a song with a refrain like to title of this post. And down, down, down is the word for the beginning of 2008 in the world of stock exchanges and, in particular, for some of Euronext Lisbon quotes. Beating historical minimums seams to be the most popular motto amongst the Portuguese Stock exchange. Examples? Sonae Industria, Impresa, Sonae.com, Martifer and Sonae SGPS. The last three for instance are falling at the moment more than 6% today!
Too much? Some say that this is usual in Lisbon due to a higher than average risk aversion of most of the investor playing in Euronext. It ought to be something like this because if you look to the intrinsic value of some of the down goers it does not make any sense. Maybe the time for cheap buys is coming here sooner than later. But beware, things are very, very rocky!