Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.472

+2.6%

Jan 16 9:30 AM EST

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To: Steve Fancy who wrote (21070)	6/21/2000 2:59:00 PM
From: Steve Fancy	Read Replies (1) of 22640

Brazil stocks up 3 pct on rate cut, Wall st. recovery Reuters, 06/21/2000 14:10 SAO PAULO, June 21 (Reuters) - Brazilian stocks rose over 3 percent in the afternoon trading on Wednesday, propped up by Tuesday's sharp cut in the key interest rate and Wall Street's recovery from early losses, traders said. Brazil's main blue-chip index Bovespa (INDEX:$BVSP.X) was up 3.1 percent as of 2:45 pm (1745 GMT) on a healthy volume of nearly 800 million reais ($442 million) as the U.S. tech-laden Nasdaq was up 0.4 percent and the Dow Jones industrial average was up 0.5 percent. Brazil's Central Bank on Tuesday night surprised the market with an aggressive cut in the key reference Selic rate to 17.5 percent from 18.5 percent annual. Traders had expected big gains in early trade but those had been hampered by a fall on Wall Street, mainly Nasdaq. Most telecommunications companies performed particularly strongly, followed by electric utilities. Shares of the Brazilian telephone units of Spain's Telefonica (MADRID:TEF), Telesp (SAO:TLPP4) and Tele Sudeste Celular (SAO:TSEP4), plunged due to a slump in Telefonica's shares in Madrid. Copyright 2000, Reuters News Service

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