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Portugal Telecom Shares Drop to Lowest Since 1996: Lisbon Mover

Portugal Telecom SGPS SA, the country’s biggest telecommunications company, fell for a seventh day in Lisbon trading to the lowest price in nearly 16 years as investors flee from stocks in some euro countries.

“There are still foreign institutional investors that seem to be selling their positions in the biggest market caps traded in peripheral countries,” Joao Queiroz, a trader at Oporto-based Go Bulling, said by telephone. “This is most visible in companies like Portugal Telecom and EDP.”

Portugal Telecom dropped 1.3 percent to 3.138 euros, the lowest closing price since June 1996. EDP-Energias de Portugal SA, the country’s biggest utility, fell 0.9 percent to 1.659 euros.

The country’s PSI-20 benchmark index has fallen 18 percent this year.

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