Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.437

+8.3%

3:59 PM EST

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To: wl9839 who wrote (15380)	5/19/1999 2:45:00 AM
From: Steve Fancy	Read Replies (1) of 22640

Brazil shares close up 0.96 pct eyeing Selic rate Reuters, Tuesday, May 18, 1999 at 21:32 SAO PAULO, May 18 (Reuters) - Brazilian shares closed 0.96 percent higher on Tuesday on optimism the Central Bank would cut its key Selic reference rate on Wednesday, traders said. Sao Paulo's benchmark Bovespa stock index (INDEX:$BVSP.X) closed at 12,268 points after rallying back from a mid-day slump caused by news the U.S. Federal Reserve was prepared to raise interest rates if needed. "We fell on the Fed and then ended up recovering all of the losses on an expected cut in rates (in Brazil)," a trader said. Shares fell to an intra-day low of 12,101 points. Analysts say the Central Bank's Monetary Policy Committee (Copom) is likely to lower the Selic to between 24 and 25 percent from the current 27 percent. The bank has already cut the Selic from 45 percent over the last two months amid optimism Brazil has turned the corner on a currency crisis that hit in mid-January. Copyright 1999, Reuters News Service

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