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

To: Steve Fancy who wrote (6287)	8/4/1998 1:55:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Emerging Mkts ADRs: Asians Rebound, Latins Down With Dow Dow Jones Newswires NEW YORK -- Emerging market shares trading as American depositary receipts are mixed Tuesday, as Latin ADRs follow the Dow Jones Industrial Average lower and Asian stocks rebound from recent selling, market participants said. The U.S. market opened stronger, but soon receded, dragging down the major Latin markets with it. "It looked like there would be a rebound," a trader of Brazilian ADRs said. "The Dow opened strong, but there was no support, and with big Brazilian names like Telebras, it seems like global news is again taking over local fundamentals." A trader of Asian ADRs down-played the rise in shares from Korea, Taiwan and Indonesia. "They've been sold for months, so it's just a rebound," he said. Asian advancers Tuesday included PT Telekomunikasi Indonesia, which was up 1/8 to $6 7/16 at 1550 GMT, Taiwan Semiconductor, up 7/16 to $17 7/8 and Korea's Pohang Iron & Steel, which rose 1/4 to $12 7/8. ADRs of Venezuelan paint-maker Corimon went into a nose dive early Tuesday, although traders were hard-pressed to come up with an explanation. Corimon was down 27% to $1/16 at 1600 GMT, but off its intraday lows, which reached a 45% fall. "Maybe some investor needs cash for another investment," a trader speculated. Meanwhile, CANTV, the Venezuelan benchmark ADR, fell 3/16, or 0.9% to 21 5/8. Mexican construction and procurement company Bufete Industrial continued to advance on the announcement Monday of a contract to build a $187 million off-shore platform. Expectations about potential new contracts have driven Bufete ADRs sharply up for several sessions. At 1604 GMT the ADRs were up 3.2% to $8. Other Mexican ADRs are weaker, and thinly traded, market participants said. Benchmark Telmex was down 13/16 to $47 15/16 at 1612 GMT. Dealers said that local Brazilian traders are driving Brazilian prices lower than they would fall if they just followed the DJIA performance. "The locals are flushing everything they own because they're afraid of the external environment, which they don't fully understand," a dealer said. At 1615 GMT, Telebras ADRs were down 4 5/16 to $112 1/4, while Telebras HOLDRs fell 4 to $112 15/16. Pao de Acucar, whose earnings positively surprised analysts Monday, was down 0.5% to $23 1/8. -By Margarita Palatnik; 201-938-2226; margarita.palatnik@cor.dowjones.com