Brazil shares eke out gains amid price tug-of-war
Reuters, Monday, November 09, 1998 at 16:04
SAO PAULO, Nov 9 (Reuters) - Brazilian shares inched up on
Monday, marking the index's sixth consecutive rise as
enthusiasm over the country's economic outlook prevailed even
amid a wave of profit-taking, traders said.
"In the morning I expected that it would fall, but the
result ended up quite good considering its rise in the last few
sessions," a trader at a local brokerage said.
Sao Paulo's key Bovespa index ended up 0.34 percent at
8,242 points, bringing gains over the last six sessions to 26.1
percent. Light preferred (SAO:LIGH3) led gainers, rocketing 14.4
percent amid a technical correction.
The Bovespa began to shoot up on signs Congress will pass
the government's recently-announced fiscal plan and on hopes an
international line of credit is forthcoming.
The International Monetary Fund is expected to announce as
soon as Tuesday a support package reported to be worth between
$30 and $45 billion.
As Banespa preferred (SAO:BESP4) and Cia Siderurgica
Nacional common (SAO:CSNA3) posted sharp gains on technical
corrections of 6.7 percent and 6.8 percent, the Bovespa blue
chips did not fare as well. Telebras preferred receipts
(SAO:RCTB40) slipped 0.48 percent to 103.5 reais.
Eletrobras preferred (SAO:ELET6) ended off 0.61 percent at
32.50 reais and Petrobras preferred (SAO:PETR4) closed up 1.1
percent at 186 reais. Cia Vale do Rio Doce preferred (SAO:VALE5)
finished unchanged at 18.50 reais.
Shares worth 494.5 million reais traded hands.
shasta.darlington@reuters.com))
Copyright 1998, Reuters News Service |
