Fiscal package postponement rumors push local stocks down
Domestic equity markets closed out the day lower, once again on thin volume. Not
even the fact that the São Paulo Stock Exchange index's futures (Ibovespa futuro)
expired today, which usually stimulates trading, helped traders overcome the effects
of rumors that the government will only announce its fiscal package after the run-off
state elections on October 25. The government later denied such rumors, but the
initial frustration led traders to remain cautious and not assume any risks. In face of
this scenario, not even the Dow's recuperation today brought any relief to local
markets.
The São Paulo stock exchange index (Ibovespa) finished lower by 2.61% at 6,445
points (Ibovespa/US$ finished down 2.67% at 1,972 points). Trading volume totaled
US$354.077m, with 27.491 billion shares having changed hands. The Rio de Janeiro
Stock Exchange Index (IBV-RJ) closed lower by 1.80% at 22,327 points (IBV/US$
closed down 1.85% at 6,831 points). Among the blue chips, Telebrás Receipts/US$
ended down 3.49%. Eletrobrás finished lower by 2.85%. Petrobras PN/US$ finished
down 0.81%. Usiminas finished lower by 6.98%. CSN ended down 1.58%.
At the Futures and Commodities Exchange (BM&F), dollar futures contracts for
November finished stable at R$1.19290. December contracts finished the day up
0.04% at R$1.2055. The floating dollar rose 0.08% to R$1.1909 offering a premium
of 0.18%. The black market dollar ended the day down 0.76% at R$1.300, offering
a premium of 9.35%. The commercial dollar Ptax ended at R$ 1.1875/ R$ 1.1874
from R$ 1.1867/ R$ 1.1859 last Friday. The Central Bank announced today it
conducted its third inner-band adjustment of the month of 0.085%, allowing the real
to range between R$ 1.1790 (floor) and R$ 1.1900 (ceiling) The commercial dollar
Ptax ended at R$ 1.1884/ R$ 1.1882 from R$ 1.1875/ R$ 1.1874 last Monday.
|
