Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.730

-1.3%

Dec 9 3:59 PM EST

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To: David Petty who wrote (11215)	1/5/1999 6:58:00 PM
From: Steve Fancy	Read Replies (1) of 22640

Brazil stocks end 2.43 pct higher tracking Wall St Reuters, Tuesday, January 05, 1999 at 18:06 SAO PAULO, Jan 5 (Reuters) - Brazilian shares closed with gains for the third consecutive session Tuesday as the market tracked Wall Street's upward trend in the absence of market-moving domestic news, traders said. Sao Paulo's key Bovespa index (INDEX:$BVSP.X) ended 2.43 percent higher at 7,110 points with a slender volume of 222 million reais. "The market basically followed New York," one trader said. Traders said investors seeking out rock-bottom prices after steep losses at the end of 1998 were fairly optimistic the government could reach fiscal targets agreed with the IMF. They said extra measures announced by the government last week would compensate for delays in Congressional approval of parts of a fiscal package agreed with the International Monetary Fund (IMF). The IMF agreed to provide Brazil with $41 million in emergency credits on the condition the country met the fiscal goals the government set for the next three years. "The market believes that the Brazilian government has the ability to guarantee the numbers in the fiscal ajustment plan, apart from how they get there," one trader said. Other traders said the government would still have to get the financial transactions tax through Congress. Telebras preferred receipts (SAO:RCTB40) ended with a 3.28 percent advance at 94.50 reais as investors readjusted their portfolios to mirror a new Bovespa composition that boosts the weighting of Telebras and reduces that of Eletrobras preferred shares (SAO:ELET6), traders said. Eletrobras closed with gains of 1.35 percent at 22.50 reais. Copyright 1999, Reuters News Service

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