PSI-20
Foundation | 31 December 1992 |
---|---|
Operator | Euronext |
Exchanges | Euronext Lisbon |
Constituents | 20 |
Type | Large cap |
Market cap | €61.50 billion (end 2010)[1] |
Weighting method | Capitalization-weighted |
Related indices | PSI Geral |
Website | www.euronext.com |
The PSI-20 (an
.History
The PSI-20 was initiated on 31 December 1992 with a base value of 3,000 index points.
Annual Returns
The following table shows the annual development of the PSI-20 since 1992.[8]
Year | Closing level | Change in index in points |
Change in index in % |
---|---|---|---|
1992 | 3,000.00 | ||
1993 | 4,288.09 | 1,288.09 | 42.94 |
1994 | 4,157.25 | −130.84 | −3.05 |
1995 | 3,896.24 | −261.01 | −6.28 |
1996 | 5,146.33 | 1,250.09 | 32.08 |
1997 | 8,803.50 | 3,657.17 | 71.06 |
1998 | 10,998.92 | 2,195.42 | 24.94 |
1999 | 11,960.51 | 961.59 | 8.74 |
2000 | 10,404.09 | −1,556.42 | −13.01 |
2001 | 7,831.49 | −2,572.60 | −24.73 |
2002 | 5,824.70 | −2,006.79 | −25.62 |
2003 | 6,747.41 | 922.71 | 15.84 |
2004 | 7,600.16 | 852.75 | 12.64 |
2005 | 8,618.67 | 1,018.51 | 13.40 |
2006 | 11,197.59 | 2,578.92 | 29.92 |
2007 | 13,019.36 | 1,821.77 | 16.27 |
2008 | 6,341.34 | −6,678.02 | −51.29 |
2009 | 8,463.85 | 2,122.51 | 33.47 |
2010 | 7,588.31 | −875.54 | −10.34 |
2011 | 5,494.27 | −2,094.04 | −27.60 |
2012 | 5,655.15 | 160.88 | 2.93 |
2013 | 6,558.85 | 903.70 | 15.98 |
2014 | 4,798.99 | −1,759.86 | −26.83 |
2015 | 5,317.67 | 518.68 | 10.81 |
2016 | 4,679.20 | −638.47 | −12.01 |
2017 | 5,388.33 | 709.13 | 15.15 |
2018 | 4,731.47 | −656.86 | −12.19 |
2019 | 5,214.14 | 482.67 | 10.20 |
2020 | 4,898.36 | −315.78 | −6.06 |
2022 | 5,726.11 | 156.63 | 2.81 |
2023 | 6,396.48 | 670.37 | 11.71 |
Rules
It is worth noting that the number of constituents of the index (20) is below the generally accepted minimum sample size of 30 required to reach statistical significance.
Selection
Annual review
Prior to a change in the index rules in July 2007, the PSI-20 composition was reviewed twice a year in January and July.
From the March 2008 reshuffle onwards, prospective PSI-20 companies are required to possess a "trading velocity" (the fraction of the company's
Extraordinary changes
If a company is removed from the index outside an annual review as a result of some extraordinary
"Fast Entry" rule
If a newly listed company on Euronext Lisbon possesses a market cap and is predicted to have a liquidity which exceeds that of some existing PSI-20 constituents, then a "Fast Entry" rule can be invoked to insert it into the index. This can occur either shortly after its IPO or on the first trading day of September. The existing constituent with the lowest share turnover is removed to free up a space in the index.[11]
Weighting
The PSI-20 is a capitalization-weighted index. The market capitalisation used to calculate the weightings of each stock is the so-called free-float band adjusted market cap, where the free float factor (fraction of shares actively available for trade on Euronext Lisbon) is rounded up to the nearest 5%.[11] The weightings of companies in the index were capped (if necessary) at 20% at each semi-annual review prior to the July 2007 rule change, when the capping limit was cut to 15% in line with Euronext's other benchmark national indexes.[9] Weights are allowed to fluctuate freely after index changes are made, but are capped once again at the next reclassification. The capping factors used to scale down the weightings of the largest companies are recalculated each year at the index review.[11]
Calculation
The index value I of the PSI-20 index is calculated using the following formula:[11]
with t the day of calculation; N the number of constituent shares in the index (usually 20); Qi,t the number of shares of company i on day t; Fi,t the free float factor of share i; fi,t the capping factor of share i (exactly 1 for all companies not subject to the 15% cap); Ci,t the price of share i on day t; and dt a parameter known as the index divisor.
Company | Industry | Ticker | Weight (%) |
---|---|---|---|
Altri | Basic Resources | ALTR | 2.03 |
Banco Comercial Português | Banks | BCP | 17.04 |
Corticeira Amorim | Industrial Goods & Services | COR | 2.62 |
CTT Correios de Portugal | Industrial Goods & Services | CTT | 3.02 |
EDP Renováveis | Utilities | EDPR | 9.69 |
Energias de Portugal |
Utilities | EDP | 10.36 |
Galp Energia | Energy | GALP | 11.50 |
Ibersol | Travel & Leisure | IBS | 0.93 |
Jerónimo Martins | Personal Care, Drug & Grocery Stores | JMT | 10.55 |
Mota-Engil | Construction & Materials | EGL | 2.22 |
NOS |
Telecommunications | NOS | 9.01 |
Novabase | Technology | NBA | 0.24 |
Pharol | Telecommunications | PHR | 0.93 |
Redes Energéticas Nacionais | Utilities | RENE | 4.75 |
Semapa | Basic Resources | SEM | 2.77 |
Sonae | Personal Care, Drug & Grocery Stores | SON | 5.03 |
Sonae Capital | Financial Services | SONC | 0.50 |
The Navigator Company | Basic Resources | NVG | 6.81 |
See also
- List of Portuguese companies
- List of stock market indices
References
- ^ "PSI-20 Executive Presentation 2009" (PDF). Euronext. Archived from the original (PDF) on 2011-07-10. Retrieved 2010-03-02.
- ^ "Trademarks". Euronext. Retrieved 2007-12-28.
- ^ a b "PSI-20 index profile". Euronext. Retrieved 2007-12-28.
- ^ a b "Activity Report Third Quarter 1999: Economic Environment" (PDF). Banco Comercial Português. Retrieved 2007-12-28.
- ^ "Business news: BVL-30 recovers some ground after a sharp decline". Economist Intelligence Unit. 3 December 1998. Retrieved 2007-12-28.
- ^ Domingos, Ricardo (31 December 2004). "Pequenas e médias empresas lideram ganhos na bolsa nacional em 2004". Jornal de Negócios (in Portuguese). Archived from the original on 23 March 2012. Retrieved 2007-12-28.
- ^ "5-year comparison chart of PSI-20, Xetra DAX, FTSE 100 and DJIA". Yahoo! Finance. Archived from the original on 2007-12-27. Retrieved 2007-12-28.
- ^ "Historical data: PSI 20 Index - Portugal (^PSI20)".
- ^ a b c "Announcement rule changes PSI 20 effective 2007" (PDF). Euronext. Retrieved 2007-12-28.
- ^ "FAQ New Rules PSI 20" (PDF). Euronext. Retrieved 2007-12-28.
- ^ a b c d e f g h i "Rules for the PSI-20 Index" (PDF). Euronext. July 2007. Retrieved 2007-12-28.