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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (21128)	7/17/2000 8:34:48 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Brazilian shares jump 3 pct as scandal fears ease Reuters, 07/17/2000 17:34 SAO PAULO, July 17 (Reuters) - Brazil's benchmark stock index (INDEX:$BVSP.X) jumped 3 percent on Monday as investors scurried to pick up shares that took a hammering last week on concern over a brewing political scandal, traders said. The Bovespa gained to close at 17,388. The index climbed 3 percent late in the trading session and hovered around that level through to the close. Traders said shares gained as concern eased over a case involving up to $100 million in public funds that were allegedly siphoned from a construction project. "The market is calm since there's been no new revelations that indicate links between the government and the irregularities" on the construction project, said one trader at a large brokerage. Shares in telecommunications companies Brasil Telecom (SAO:TCSP4) led gaining stocks, rising 7.3 percent to 28.10 reais. Brasil Telecom said on Monday it agreed to pay $800 million to Telefonica (MADRID:TEF) of Spain to buy its stake in regional Brazilian telephone operator, CRT. Shares in state-owned oil company Petrobras (SAO:PETR4) slumped 1.4 percent to 49.29 reais. Petrobras said more than 1 million gallons (4 million liters) of crude leaked from a refinery into a river in one of the country's worst oil spills ever. katherine.baldwin@reuters.com)) Copyright 2000, Reuters News Service