PSI 20

The Portuguese Stock Index 20 (PSI -20) consists of the 20 companies with the highest market capitalization and the highest trading volume of the stock exchange Lisbon, which is connected to the pan-European trading platform Euro Next since 2002.

Calculation

Technically, the index is a price index, which are weighted by market capitalization (on free float basis). The index is not adjusted for dividend payments. Corporate actions such as stock splits have no ( distorting ) influence on the index. The calculation is updated every 15 seconds during trading hours 9:00 to 17:30 CET.

To emphasize its character as a retail-oriented market barometer, the inclusion criteria were tightened in July 2007. Since then, the rule is that when an index member at least ten percent of the outstanding shares must be implemented within the year. To increase the continuity also the composition is no longer semi-annually, but only checked once per year ( in March ). It can be an exchange for a newly listed value that brings the appropriate order by turnover, also within the year.

Another problem that should be solved with the reform, was the previously strong unequal weighting of the individual values. Thus, the three largest free float market capitalization weighted index members had phased cumulative share of almost 60 percent. As a countermeasure, therefore, the maximum allowable weight for individual values ​​was lowered from 20 to 15 percent. The excess of a single value of this limit, its weight will be returned at the next adjustment.

To the companies need to be included in the index satisfy some conditions.

  • The shares must be listed on the official market and are traded on the automated system.
  • The headquarters of the company must be in Portugal
  • From a Unternsehmengruppe only one member may be represented in the index
  • The company must have a solid financing

The index value (indicated as I) of the PSI 20 is calculated using the following formula:

History

20th century

The PSI 20 was introduced on 31 December 1992 with a base value of 3,000 points. In the following years the PSI scoring 20 numerous records. On 17 February 1994, the Portuguese benchmark index closed at 5079.23 points for the first time above the 5,000 -point mark on 27 January 1998 he finished trading with 10024.80 points for the first time above the 10,000-point mark. On 22 April 1998, the PSI 20 stood at 376.4 percent higher than the end of 1992, with 14292.99 points.

On 3 May 1998 the Council of the European Union made ​​the decision on the first participating countries to the euro. Portugal met at this time the EU convergence criteria and was therefore included in the European Economic and Monetary Union on 1 January 1999. It was like the other States as of January 2002, the first euro coins and notes to spend.

In 1998 it came into the world to financial, monetary and economic crises ( Asian crisis, Brazil crisis, the Russian crisis ). As a result, the index dropped to 2 October 1998 at 43.2 percent, closing at 8114.51 points from. The stock market barometer quickly recovered from the crash. 15 months later, on 3 March 2000, joined the PSI 20 with 14822.59 points at an all time high. The gain since October 1998 is 82.7 percent.

21st Century

After the bursting of the speculative bubble in the technology sector ( dot-com bubble ), the index fell to a low of 5083.34 points to 23 October 2002. That was a decline since March 2000 by 65.7 percent. The 23 October 2002 means the end of the descent. From autumn 2002, the PSI 20 began to rise again. On 17 July 2007 the stock index ended the day at 13702.03 points. Since the low in October 2002 profit of 169.6 percent.

In the course of the international financial crisis in the U.S. real estate crisis originated in the summer of 2007, the PSI 20 began to fall again. From the autumn of 2008, the crisis had an increasing impact on the real economy. As a result, stock prices plummeted worldwide. On 3 March 2009, the index closed at a low of 5743.09 points. Since July 17, 2007, this represents a decrease of 58.1 percent. The March 3, 2009 marked the turning point of the descent. From the spring of 2009, the stock market barometer was back on the way up. By 19 October 2009 rose by 54.7 percent to a closing level of 8882.69 points.

The euro crisis from 2010 and the slowdown of the global economy in 2011 led to a fall in the Portuguese benchmark index. On 1 June 2012, the PSI 20 ended trading at 4453.01 points. The loss since its peak on 19 October 2009 was 49.9 percent. The announcement of new bond purchase programs of the European Central Bank and the U.S. Federal Reserve in principle unlimited extent led to a recovery of prices in the stock market. The monetary stimulus played a greater role in price formation, as the shrinkage of the Portuguese economy and the situation of the company. On January 11, 2013, the index closed at 6150.17 points, up by 38.1 per cent as on June 1, 2012.

Highs

The overview shows the all-time highs of 20 PSI

Milestones

The table shows the milestones of the PSI 20 since 1992.

Annual development

The table shows the development of the PSI 20 since 1992.

Composition

The PSI 20 is composed of the following companies (as of: March 28, 2014).

More PSI indices

Other variants of the PSI 20 are:

  • PSI 20 TR (Total Return ) - a performance -based index with a strong emphasis on dividends.
  • PSI Geral (General ) - also a performance index, it includes all shares traded, but not non-voting shares. It is intended more for analytical purposes and is therefore calculated only once per day.
  • PSI Sector - based on the classification of the Industry Classification Benchmark is calculated here the PSI for different market segments.
International Securities Identification Number Wertpapierkennnummer Tickersymbol Stock market index Altri Cimpor Mota-Engil Portugal Telecom Portucel Soporcel Semapa Sonae
664110
de