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

To: Steve Fancy who wrote (6114)	7/30/1998 5:25:00 PM
From: Steve Fancy	Read Replies (11) \| Respond to of 22640

ADR REPORT - Emerging market highlights - July 30 Reuters, Thursday, July 30, 1998 at 16:19 TELEBRAS TRADES SHARPLY HIGHER FOLLOWING AUCTION NEW YORK, July 30 (Reuters) - Brazilian telecommunications ADR Telebras (SAO:TELB4) (NYSE:TBR) surged Thursday on a wave of optimism following its $19 billion privatization. Telebras was sold off into 12 parts Wednesday and raised much more than the Brazilian government's asking price. The ING Barings Latin American Index of leading regional stocks <.LAT> gaining 3.06 points, or 1.93 percent, to 161.55 points. "Telebras is the star today. There's heavy volume there, but low volume everywhere else. It helped some others this morning, but they have settled down," said one trader. The Telebras ADRs were up 8-3/8 at 126-7/16 and the most actively traded ADRs on the New York Stock Exchange. Telebras' new umbrella ADR (NYSE:TBH) created to group the 12 spinoffs were up 8-3/16 at 126-11/16. "Telebras is trading quite heavily. It's up sharply, but elsewhere you don't see as much interest," said another trader. He noted low volume in Telefonica de Argentina SA (BUE:TEA2) and Telefonos de Mexico (NYSE:TMX). Here are some other highlights among emerging market ADRs: * * * MEXICO - Telefonos de Mexico was up 7/8 at 51-3/4, on lower volume, but helped by the follow-up on the Telebras auction. Grupo Industrial Gidusa (NYSE:GID) was down 5/8 at 6-1/4 and one of the top 10 percentage losers on the NYSE. Desc SA de CV (NYSE:DES) was up 1-3/16 at 25-5/16, but on low volume. * * * ARGENTINA - Telefonica de Argentina was up 7/16 at 37-5/16, with help from Telebras as well. YPF Sociedad (NYSE:YPF) was up 10/16 at 29-15/16, one of the volume leaders among ADRs. * * * CHINA - Guangshen Railway was up 3/4 at 5-3/4. * * * SOUTH KOREA - Pohang Iron was up 1-5/16 at 14-7/16 * * * ISRAEL - New Dimension Software (NASDAQ:DDDDF) was up 1-3/4 at 28-1/8 on better than expected second quarter earnings of $0.34, or $4.3 million compared with $0.22 a share, or $2.6 million during the same period a year ago. Mercury Interactive (NASDAQ:MERQ) was up 1-5/8 at 42-1/4. ECI Telecom (NASDAQ:ECILF) was up 7/16 at 34-3/4 on earnings that were in line with expectations, traders said. * * * GHANA - Ashanti Goldfields (NYSE:ASL) was up 1 to 7-13/16. 212-859-1717)) Copyright 1998, Reuters News Service