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

To: EPS who wrote (1667)	4/15/1998 8:40:00 AM
From: EPS	Respond to of 22640

Agencia Estado Last closing review Local stocks end higher following the Dow's performance Sao Paulo, 15 - Local stocks finished mostly higher yesterday, trailing the Dow's excellent performance. Other news, such as the privatization of two distributors of the Sao Paulo state-owned electric utility Eletropaulo (Bandeirante and Metropolitana), and today's meeting of the Central Bank's Economic Policy Committee (Copom), in which the magnitude of the reduction in interest rates is to be decided upon, were among the main factors leading to local bourses upward performance. The Ibovespa index closed up 1.23% at 12,269 points (Ibovespa/US$ closed higher by 1.16% at 3,912 points). Trading volume was at US$743.326m with some 35.812bn shares having changed hands. The Rio de Janeiro Stock Exchange Index (IBV-RJ) closed higher by 1.39% at 43,465 points (IBV/US$ closed up 1.33% at 13.859 points). Among the blue chips, Telebr s PN/US$ ended up 2.48%. Eletrobr s ended higher by 0.86%. Petrobr s PN/US$ finished up 2.01%. CVRD PN/US$ closed lower by 0.75%. Usiminas finished down 0.93%. CSN ended up 2.19%. Forex market players were expecting the Central Bank (BC) to reduce its basic rate (TBC) to between 22% and 24%. However, most analysts were betting on a fall to 23%, in which case, "the BC will be able to promote a fair interest rates reduction and, at the same time, maintain the forex coupon below the 10% level.". The BC also conducted the year's third adjustment in the inner-band of 0.09%, allowing the Real to range between R$1.1400 (floor) and R$1.1450 (ceilling). During the afternoon, the BC bought the US currency at R$1.1400. At roughly 4pm ET, the forex market was registering a surplus of US$423m. Financial inflow was at US$426m, above outflow, which was standing at US$156m. In the trade account, exports were totaling US$250m, while imports were at R$97m. The US commercial dollar Ptax ended at R$1.1404/R$1.1396 from R$1.1397/R$1.1389 registered last Monday.