Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.437

+7.8%

Jan 21 3:52 PM EST

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To: Jay8088 who wrote (8265)	9/18/1998 10:18:00 AM
From: Steve Fancy	Read Replies (1) of 22640

Brazil Bovespa jumps 3.02 pct on low dollar flight Reuters, Friday, September 18, 1998 at 09:32 SAO PAULO, Sept 18 (Reuters) - Brazilian shares surged more than 3 percent in the first 15 minutes of trading on optimism after dollar flight slowed further Thursday, traders said. "While there's still a net outflow of dollars it's getting smaller and that's reason for optimism," a trader said. Sao Paulo's key Bovespa (INDEX:$BVSP.X) index jumped 3.02 percent to 6,627 points in early trading. Brazil lost $207 million from its foreign exchange markets on Thursday as money comes into the country to pay for this week's privatizations, offsetting dollar flight. Last week an average $1.5 billion fled Brazil every day. A sharp hike in interest rates to 50 percent helped keep outflows well below $1 billion every day so far this week. Investors are keeping their eyes on Wall Street, which could end up putting a drag on Brazilian equities after it opens, traders said. Copyright 1998, Reuters News Service

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