Brazil shrs jump 3 pct on rescue package optimism
Reuters, Friday, October 09, 1998 at 09:47
SAO PAULO, Oct 9 (Reuters) - Brazilian shares jumped 3.06
percent at the market's open on Friday on growing optimism that
an international rescue package is just around the corner,
traders said.
"The international market is seeing that we're doing our
part in the way that they want," a trader at a local brokerage
said.
Sao Paulo's key Bovespa (INDEX:$BVSP.X) surged to 6,364 points,
following Thursday's joint Brazil-International Monetary Fund
statement that an agreement is in the works, hinging on Brazil
taking steps to rein in its fiscal deficit.
"Despite the fact that the IMF didn't say anything
concrete, it calmed investors, especially foreign investors," a
trader said.
A rise on Wall Street and in European bourses also boosted
Brazilian stocks. Dow Jones Industrial Average opened up 0.7
percent.
State-owned oil company Petrobras preferred (SAO:PETR4) and
Telesp Participacoes preferred (SAO:TLPP4) led the markets rise,
surging 3.46 percent and 7 percent respectively.
Copyright 1998, Reuters News Service |
