Brazil shrs poised for lower prices on Asia falls
Reuters, Wednesday, August 05, 1998 at 08:30
SAO PAULO, Aug 5 (Reuters) - Brazilian shares were poised
for a weaker opening on Wednesday as lower closings on Asian
bourses and sharply lower prices on European exchanges were
seen weighing on local stock markets, brokers said.
"I think we have no other choice to but to accompany
overseas bourses," said a trader at Banco Santander. "But
volume would probably be low, as investors stick to the
sidelines until world markets calm down a bit," he added.
On Tuesday, the Bovespa index (INDEX:$BVSP.X) of the 58 most-traded
stocks ended down 5.32 percent at 9,860 points. Trading was
heavier than normal at an estimated $689 million.
The Bovespa was down 3.3 percent on the year by Tuesday's
close. Brokers said the index was unlikely to recover the
10,000-point mark in the near future.
"Most investors would be glued to price performances on
Wall Street once the session opens there," one trader said.
Stock analysts in New York said Wall Street shares could
attempt a rebound early in the session after a 3.4 percent
slide Tuesday, but it would probably give way to selling.
Meanwhile, the trading volume in Sao Paulo was seen picking
up by the week's end as investors prepare for next week's
settlement in the Bovespa index futures, brokers said.
Bluechip acitivity on Tuesday:
Telebras (SAO:TELB4) down 6.47 pct at 127.20 reais
Petrobras (SAO:PETR4) down 3.31 pct at 237.00 reais
Eletrobras (SAO:ELET6) down 4.44 pct at 34.40 reais
Vale do Rio Doce (SAO:VALE5) down 4.20 pct at 22.80 reais
Sao Paulo stock exchange's Bovespa index of the
58 most traded shares:
* Tuesday: down 5.32 pct at 9,860 points
* Week: down 7.9 pct
* Month: down 7.9 pct
* Year-to-date: down 3.3 pct
SELIC (open): 2.125 pct
Dollar/Real (open): 1.1671 per dollar
*****
YESTERDAY'S STORIES 1/8 1/4SUR 3/8
SPOT REAL QUOTES <BRBY>
BOVESPA STOCK INDEX (INDEX:$BVSP.X)
ELECTRICAL ENERGY INDEX <.IEE>
BRAZILIAN ADR PRICES <BR/ADR>
BRAZILIAN BRADY BOND PRICES <2LDO>
BRAZILIAN DOLLAR FLOW HISTORY <BRFLOW>
Copyright 1998, Reuters News Service |
