Wales fought back from 7-14 behind to lock the scores up at 14-14 after Ethan Davies found his way to the try-line to convert his own try.
Portugal then looked favourites for the title after edging back in front but Luke Morgan finished off a slick handling move. Lady Luck then deserted Wales as Angus O’Brien was wide with his conversion and a subsequent penalty attempt as the match went in to extra time.
Portugal won the Shield after Aderito Esteves’ offload put Duarte Moreira in for the game-clinching try to send Wales to London with just one win from six games at Stade Jean Bouin.
The one bright spot for Wales from the tournament was winger Luke Morgan who became the record Welsh try scorer on the World Series when he raced over for his 61st try against England in the Bowl quarter-final to surpass Taliesin Selley.
The clash against England was indicative of other games during the tournament where Wales fought their way back into the game to have a chance of victory, but poor decision making then undermined their hopes.
A 17-12 defeat to England meant Wales then dropped down to the Shield where a win was finally recorded against Canada where a brace of tries by youngster Lloyd Lewis (2) and captain Luke Treharne earned a 17-12 victory. But that was as good as it got for Wales as Portugal snatched the Shield final in heart-breaking fashion.
Wales head to London this weekend for the tenth and final round of the HSBC World Rugby Sevens Series, to be played at Twickenham on 21-22 May where they will face Paris runners-up Fiji, Australia and England in Pool B.
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