Brazil Bovespa (INDEX:$BVSP.X) falls 10 pct, trading halted
Reuters, Friday, September 04, 1998 at 14:58
SAO PAULO, Sept 4 (Reuters) - Brazil's Bovespa exchange
plunged 10 percent at 1528 local/1828 GMT, setting off the
circuit-breaker and halting trading for 30 minutes, a
spokeswoman at the exchange said.
Shares fell on concern that Latin America's biggest economy
could see another surge in capital flight drive more investors
out of the market, traders said.
Sao Paulo's key Bovespa index bounced back slightly before
the exchange was able to halt trading. Operations were
suspended at 5,618 points, down 9.65 percent. Trading will
resume at 1558 local/1858 gmt.
Some $3.81 billion fled Brazil's foreign exchange market in
the first three days of September, unnerving investors already
worried about flight from emerging markets.
A decline in U.S. equities coming after Moody's Investor
Service downgraded Brazil's debt on Thursday fueled declines,
traders said.
shasta.darlington@reuters.com))
Copyright 1998, Reuters News Service |
