PSI closes in August at the waterline but consolidates its upward trajectory since the beginning of the year

The PSI ended August 2025 at 7,760.1 points, at the same level as the previous month's closing level. This represents a slight monthly increase of 0.6%, amid stronger growth in international markets, particularly in the North American and Asian markets, Maxyield highlights in its analysis.

The PSI's upward trajectory has occurred for the 8th consecutive month in 2025.

The PSI's monthly variation band oscillates between a 3.2% drop in Corticeira Amorim and a 12.5% ​​rise in Mota-Engil.

In August, nine PSI listed companies showed an increase in value; five suffered a decrease and one remained constant.

The monthly ranking of companies with an increase in value in August is made up of Mota-Engil (12.5%), NOS (7.9%), Navigator (7%), Altri (5.2%), Semapa (2.9%), Ibersol (1.7%), Sonae SGPS (1.1%), REN (0.5%) and BCP (0.3%).

The companies with a reduction in value in August were Corticeira Amorim (-3.2%), EDP Renováveis ​​(-2.5%), Jerónimo Martins (-1.2%), CTT (-0.8%) and Galp (-0.7%).

EDP ​​maintained its closing price between the end of July and August of this year.

The evolution of the PSI throughout August reveals a generally stable trajectory in the first half of the month, followed by very volatile behavior involving a spiral of growth followed by a decrease of similar intensity, reports Maxyield.

The PSI, which had reached its annual minimum value in April, reached its highest value of 2025 in August, surpassing 8,000 points, which takes us back to the beginning of 2011, the association highlights.

Maxyield highlights that the PSI ended the month of August close to the upper limit of the range [6,300 – 7,790 points], “which takes us back to levels reached 12 years ago (2014)”.

However, during most sessions in the second half of August, the PSI remained within the following range.

“The new variation range is in the interval [7,790 – 8,200 points], with the upper limit corresponding to the peak that preceded the 2012 bear market and taking us back to levels from 14 years ago,” says Maxyield.

An analysis from December 31, 2024, to the end of the session on August 31 of this year shows a 21.7% increase in the PSI. The range of variation here is quite wide, ranging from a 73.5% increase in Mota-Engil to a 7.6% decline in Navigator. Eleven stocks showed positive annual growth, three companies suffered declines, and one remained unchanged (EDP Renováveis).

The companies with positive year-to-date variation were Mota-Engil (73.5%), BCP (55.8%), Sonae (39.8%), CTT (35.9%), REN (31.1%), Ibersol (27.3%), Semapa (24.5%), EDP (22.5%), NOS (17.3%), Jerónimo Martins (14.6%) and Galp (4.1%).

"We are witnessing a trend of upward movement, with a sharp interruption at the beginning of April, when the US Administration announced reciprocal tariffs, and an annual peak on August 21," Maxyield said.

The annual growth rate of the PSI and the drop in results for this business universe in the first half of 2025 are causing an increase in the PER (ratio between the price and earnings per share), which could lead to an overheating situation and a bubble effect, warns Maxyield.

The PSI's PER (price-to-earnings ratio) rose from 11.8 on December 31 last year to 20 at the end of August this year, the pace of which is substantially different from that of major benchmark indices.

The S&P 500's PER went from 27.99 on December 31 to 28.68 at the end of August; the Stoxx 600's PER went from 17.44 on December 31 to 19.1 at the end of August; and the IBEX 35's PER went from 10.14 on December 31 to 13.8 at the end of August.

"The assessment of the transaction price of shares in the PSI universe, through their PER, tends to be high, raising the question 'Where will PSI go?' and the outlook for the national stock market," warns Maxyield.

The PSI Geral encompasses the PSI and 17 companies listed on the second market of the Portuguese stock exchange, which represents approximately 3.2% of the PSI's market capitalization.

Generally, the 2nd market is made up of small caps, a class of publicly traded companies traded on the stock exchange, which have a low level of free float.

The General PSI shows a monthly increase of 0.6% in August and growth since the beginning of the year of 22.8%.

Maxyield highlights that Sonaecom, with a market capitalization higher than some PSI companies, shows a strong positive monthly variation and an increase this year of around 31.9%.

Novabase, which is already part of the PSI and has a notable market capitalization in the 2nd market, continues to show a robust increase since the beginning of the year (33.9%).

Martifer, with a market capitalization of over 100 million euros, a monthly growth of 8.8% and an annual increase of 34.7%, was the subject of a takeover bid on August 5 by Visabeira Indústria SGPS for 2.057 euros per share, an amount lower than the amounts transacted since May.

Toyota Caetano, Ramada and Vista Alegre, also with a market capitalization of over 100 million, have positive monthly and cumulative performance in 2025.

Average Capital, also with a market capitalization of over 100 million, shows a negative variation compared to the end of last year.

All SADs have shown positive monthly progress since the beginning of the year, “with Benfica SAD's robust performance standing out”, says the association.

Also worth mentioning are Glint, Impresa, Pharol and Teixeira Duarte, which, despite their weak monthly performance, continue to show strong gains this year.

Other equity markets

Global stock markets are reflected in the Morgan Stanley Capital International index, known for short as MSCI World, which saw monthly growth of 2% in August 2025 and has shown growth of 12.7% since the beginning of the year.

The MSCI World reached a new all-time high in August, maintaining the upward trajectory of the last 3 months, in a context of widespread growth in global stock markets.

Despite the adverse circumstances, none of this dissuaded the upward movement of global stock markets.

In the United States, Wall Street saw significant growth in August, with major indexes reaching new annual highs during the month.

The S&P 500 index, composed of the largest 500 companies listed on the NYSE, showed monthly growth of 1.9% in August 2025 and experienced a positive annual growth of 9.8%.

The Nasdaq technology index is showing a monthly increase of 1.6% and an annual increase of 11.1%.