BCP leads stock market falls

Portugal’s stock market plummeted 6% by Monday with shares in Lisbon trading in negative territory.

The bank Millennium bcp led the tumble into red as shares in the financial institution run by Miguel Maya fell 10%.
The Covid-19 pandemic and its effects on the world economy are continuing to spook investors as the PSI-20 fell 3.592,93 points.
The same situation was seen in other European stock markets with the Stoxx 600 falling to its lowest levels since June 2013 with the pan-European index falling 4.7%. The French CAC 40 fell 2.9%, the German DAX slid 5.6% and the Spanish Ibex fell 4.9%.
On Sunday, the United States Federal Reserve announced a new surprise cut in interest rates — the second this month — to a new low close to zero which was in line with a coordinated policy from the main central banks whose objective is to shore up the dollar against the possible panic resulting from the pandemic.
In Portugal not a single share was trading “above the water line” with Galp Energia shares falling 7.28% to €7.9 per share after Brent (oil) fell 4.84% to US$32.21 a barrel.
Even the green company EDP Renováveis lost 8.48% to €9.5 while EDP fell 6.21% to €2.04. The telecoms company Nos saw shares dive 7.76% to €2.688.