Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.450

+3.0%

Feb 2 3:56 PM EST

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To: Jerry A. Laska who wrote (6259)	8/3/1998 8:35:00 PM
From: Jerry A. Laska	Read Replies (1) of 22640

Brazil shrs, telecom stocks hit by global decline SAO PAULO, Aug 3 (Reuters) - Brazilian shares fell 2.75 percent, led by steep declines in telephone companies, amid a general downturn in global equities on concerns over Japan's sluggish economy and weakening currency. ''The market reflected the external scenario, especially the Japanese currency situation,'' said a trader at BancoCidade. ''Telecoms and Petrobras (PETR4.SA) felt the hit the most.'' Sao Paulo's key Bovespa index of the 58 most traded shares closed off at 10,413 amid light volume of 495 million reais ($425 million). Telebras preferred (TELB4.SA) tumbled 3.34 percent to close at 136 reais. Telesp (TLSP4.SA) regional phone company and telecom equipment maker Ericsson (ERIC4.SA) led declining stocks. Telesp closed off 5.86 percent at 112.50 reais, and Ericsson ended off 7.9 percent at 26.80 reais. Among other blue chips, state-controlled oil company Petrobras preferred closed off 3.88 percent at 245.11 reais. Energy holding company Eletrobras preferred (ELET6.SA) ended off 2.68 percent at 36 reais and Cia. Vale do Rio Doce (VALE5.SA) slipped 0.83 percent to close at 23.80 reais. biz.yahoo.com

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