Brazil shrs slide from start following Asia slumps
Reuters, Wednesday, September 30, 1998 at 09:40
SAO PAULO, Sept 30 (Reuters) - Brazil's key stock index
Bovespa (INDEX:$BVSP.X) fell 3.12 percent in early trade Wednesday, as
investors liquidated their holdings eyeing weaker equity prices
in Asian and European markets, brokers said.
The Bovespa was down at 6,655 points 17 minutes into the
session.
"Local bourses are doomed to follow overseas when there is
no positive news on the domestic front," said one trader.
Sao Paulo's benchmark Telebras receipts preferred
(SAO:RCTB40) were down 4.0 percent at 84 reais, while Petrobras
preferred (SAO:PETR4) lost 4.76 percent to 120 reais and
Eletrobras (SAO:ELET6) shed 4.49 percent to 25.50 reais.
In the derivatives market, Bovespa futures' October
contracts were down 3.75 percent at 6,680 points.
In the debt market, Brazil's dollar denominated C-bonds
<BRAZILC=RR>, traded in New York, were down 1.5 points to 60 at
1030 local/1330 GMT.
Copyright 1998, Reuters News Service |
