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

To: EPS who wrote (6122)	7/31/1998 10:57:00 AM
From: EPS	Respond to of 22640

Market Status at 10h26 am ET After accumulating a hike of nearly 10% in the last two sessions, investors expect a more modest result for the Ibovespa index today as the sky abroad is not as bright as it was yesterday. Repercussions of this negative scenario can be already felt as the Sao Paulo stock exchange reverted trend three times in the last hour. At the moment it is trading lower by 0.19%. As it was informed in the morning, the yen's fall in relation to the dollar coupled with a negative performance of the Dow are not making any good to spark life into the market. Market watchers explain that a bad day in Wall Street could end up intensifying the cautious atmosphere in local bourses, consequently diminishing the intensity of stocks' businesses. However, the international front is not what matters most. Analysts are still confident that the Telebr s historical auction on Wednesday,see related story, should be enought to make the difference throughout the session. The Ibovespa index is lower by 0.19% at 10,918 points. Trading volume is at R$162.305m with some 7.028bn shares having changed hands. The Rio de Janeiro Stock Exchange Index (IBV-RJ) is also lower by 0.31% at 38,746 points. Among the blue chips, Telebr s PN remains up 0.21% at R$144.80. Eletrobr s down 1.33% at R$37.00. Usiminas higher by 0.62% at R$6.50. CSN also up 1.85% at R$27.50. The successful sale of Telebr s will continue to fuel an upward trend in the Brazilian dollar market. The Central Bank (BC) annonced it conducted its much awaited last inner-band intervention of the month of 0.09%, allowing the real to range between R$1.1630 (floor) and R$1.1720 (ceiling) to the US dollar. The cold breeze brough about by the the astonishing flow of foreign capital (US$2.984bn) -- due to the payment of Telebr s privatization -- is also expected to continue blowing as of today. The US commercial dollar Ptax is currently trading at R$1.1630/R$1.1629.