Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.896

-0.9%

Nov 21 3:59 PM EST

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To: wl9839 who wrote (15238)	5/12/1999 10:32:00 AM
From: Steve Fancy	Read Replies (4) of 22640

Brazil shares seen sinking after Russia PM fired Reuters, Wednesday, May 12, 1999 at 09:14 SAO PAULO, May 12 (Reuters) - Brazilian shares were expected to open with losses on Wednesday as news of Russia's dismissal of Prime Minister Yevgeny Primakov put pressure on emerging markets, traders said. "The market is a little more weighed down with the news coming from Russia," one trader at a foreign bank said. "This is going to affect emerging countries." Russian President Boris Yeltsin removed Primakov on Wednesday and installed Sergei Stepashin as interim prime minister, a move that increased fears that Russia would not be able to pay its debt and put pressure on the banking sector. Sao Paulo's benchmark index (INDEX:$BVSP.X) of the most heavily-traded shares closed 1.2 percent lower at 12,267 points on Tuesday with a wave of profit-taking following four straight days of gains that had pushed stocks to their highest level in 18 months. Brazil's share index had taken a beating when Russia's financial troubles erupted in August last year, sending foreign capital stampeding out of other emerging markets. Brazil's benchmark C-Bond <BRAZILC=RR> were already registering nervousness about Russia's recent crisis with a drop of 0.55 percent to 67.875 points at the open on Wednesday, traders said. They said the trend on the bourse was expected to be influenced by the direction of foreign investment flow. rio.newsroom@reuters.com)) Copyright 1999, Reuters News Service

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