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

To: Art Baeckel who wrote (21219)	8/3/2000 7:51:30 AM
From: Art Baeckel	Read Replies (1) \| Respond to of 22640

Argentine stocks end flat on economic pessimism Reuters Company News - August 02, 2000 18:58 Copyright 2000 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Jump to first matched term BUENOS AIRES, Aug 2 (Reuters) - Argentine stocks closed flat Wednesday as the market suffered a bout of pessimism set off by a downbeat economic forecast for 2000, paltry July tax collection figures and losses on the U.S. Nasdaq index , which fell 0.73 percent, traders said. The MerVal index of most-traded shares closed at 488.85 points, 0.01 point above the Tuesday close. Floor- trading turnover spun down to $32.7 million against $40.4 million the previous day. Of the companies trading on the exchange, 23 rose, 28 declined and 11 remained unchanged. "The session was characterised by local investor purchases as foreign funds sold because of the decline in expectations for the economy," said Luis Corsiglia of trading house Corsiglia y Cia. "The market will gain when mechanisms appear that are going to drive economic recovery. For the moment Mexico and Brazil are the biggest receptors of liquidity in Latin America." Tax collection in July grew 3.7 percent to 4.225,9 billion, short of the 4.0 percent to 6.0 percent forecasts made by private analysts. To make matters worse, the government cut its estimate for 2000 gross domestic product expansion to 3.0 percent from 3.5 percent. Steelmaker Acindar rose 2.66 percent, while Siderar sank 3.30 percent.