Portuguese stock exchange follows Europe in decline. Mota-Engil falls almost 10%

PSI 20 opened the session this Monday to lose 0,62%, to 4.622,76 points, in line with the main European markets.

The main Portuguese stock index (PSI 20) opened the session this Monday to lose 0,62%, to 4.622,76 points, in line with the main European counterparts.

The justification for the deal to be in the red in the Old Continent is explained by the indicators in the futures market, indicating that investors are waiting for more information on the development of vaccines for Covid-19, with the expectation that positive news will make it possible to leverage new gains in the last November session.

The oil market is also generating high expectations from investors. The oil-exporting countries and the partner states (OPEC +) have not reached an agreement to postpone the increase in barrel production, scheduled for next January. A formal OPEC meeting is taking place this Monday, with OPEC members and their partners trying to reach an early consensus on Sunday, but this was not possible.

Oil-producing countries want a postponement of increased production. OPEC + is divided, with the majority of member states advocating postponing increased production until after March.

In London, Brent, which is a reference for Portugal, falls 8,54%, to 37,46 dollars. WTI, in New York, decreased 1,58% to $ 44,80.

The foreign exchange market is also influencing investors. For the fifth consecutive session the dollar depreciates, with the euro appreciating 0,06%, to $ 1,1970, against the US currency.

On the Portuguese stock exchange, the PSI registers ten listed companies falling, six rising and one negotiating without variation. The falls of Galp Energia (3,43%), which follows the trend of the oil market, and Mota-Engil (-9,91%), led to a decline in the PSI 20.

Mota-Engil is the share that sinks the most at the start of the session, suffering a correction after closing Friday's session by growing more than 14%. Mota-Engil reported the market on Friday that the ChinesePC acquired 23% of the capital of the Portuguese construction company for 169,4 million euros.

Another highlight was the drop in BCP (-0,94%) and Altri (-1,20%).

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