Telebras (TBH) & Brazil Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.956

-0.1%

3:59 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Tony van Werkhooven who wrote (11431)	1/12/1999 9:48:00 AM
From: Steve Fancy	Read Replies (4) of 22640

Brazil shrs drop on more worries about Minas debt Reuters, Tuesday, January 12, 1999 at 08:55 SAO PAULO, Jan 12 (Reuters) - Brazilian shares were sharply lower shortly after the opening on Tuesday as investor worries over Minas Gerais state's debt moratorium continued to roil markets, traders said. The Bovespa index (INDEX:$BVSP.X) of bluechip stocks dropped 3.43 percent to 6,184 points with the market's bellwether issue Telebras preferred receipt (SAO:RCTB40) losing 4.7 percent to 80.80 reais. At a little over 6,000 points, the Bovespa was at its lowest point since the beginning of October. Traders said dollar outflows from Brazil's foreign exchange markets, which were fueled by Minas Gerais' declaration of a 90-day debt moratorium, were also to be blamed for the equity market slump. Forex traders reported a net $187 million fled currency markets on Monday. Minas' governor Itamar Franco declared last Wednesday that he will temporarily cease payments on the state's $13.4 billion debt to the federal government. Copyright 1999, Reuters News Service

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next