Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.945

-1.1%

Nov 26 3:59 PM EST

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To: Steve Fancy who wrote (6519)	8/11/1998 12:54:00 PM
From: Jerry A. Laska	Read Replies (9) of 22640

Brazil shrs buckle 5.41 pct as global stocks fall SAO PAULO, Aug 11 (Reuters) - Brazil's key Bovespa index tumbled 5.41 percent in the first hour of trade as a plunge in U.S. equities heightened concern over market instability in Asian and Russian markets. ''Just look at the other markets, Brazil is being dragged down,'' a trader at a local brokerage said. The Bovespa fell to 8,685 points. The Dow Jones Industrial Average fell over two percent after Russian equities caved in more than ten percent. The Japanese yen hit an eight-year low against the dollar and spreads on Russian debt widened, sparking concern emerging markets could face speculative attacks and capital flight. ''Emerging market risk is rising and investors are getting out,'' a trader at a local brokerage said. Nervousness was also reflected in the currency market, where the Brazilian real weakened to 1.1708 reais against the dollar in morning trade from 1.1689 at Monday's close. It quickly strengthened to 1.1685 reais, and dealers attributed the rise to Banco do Brasil selling dollars on behalf of the Central Bank. Telebras preferred (TELB4.SA), which accounts for about 50 percent of trading, fell 5.83 percent to 113 reais. State-owned oil company Petrobras preferred (PETR4.SA) fell 5.45 percent to 190.99 reais. Other telephone companies took an even harder hit. Telerj preferred (TERJ4.SA) sank 13.75 percent to 55.20 reais and Telemig preferred (TMGR6.SA) fell 10.68 percent to 65.10 reais. Telesp preferred (TLSP4.SA) skidded 8.82 percent 217 reais. biz.yahoo.com

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