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

To: EPS who wrote (6420)	8/7/1998 2:47:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Brazil's Bovespa falls 3.84 pct amid Asia concerns Reuters, Friday, August 07, 1998 at 14:12 SAO PAULO, Aug 7 (Reuters) - Brazil's key Bovespa index fell 3.84 percent in midafternoon trade on Friday as investors dumped stocks on concern that problems in China and other emerging markets could spill over into Brazil. "There is speculation that the Chinese currency may suffer devaluation, and that is sending fears over to our market," a trader at a local brokerage said. Sao Paulo's Bovespa (INDEX:$BVSP.X) was down 3.84 percent in light trade to 9318 points. As the yen slipped further against the dollar, dealers said it may prompt China to mull a possible devaluation and put further pressure on the Hong Kong dollar. "Investors are pulling out of emerging markets until problems in China and Russia and other countries are resolved," a trader at BancoCidade said. State-owned oil company Petrobras (SAO:PETR4) led declining shares, with preferred falling 7.21 percent to 206 reais. The former oil monopoly is taking a hit after the government called for a decrease in oil prices and allowed competitors to import oil. Telebras (SAO:TELB4) preferred fell 4.16 percent to 119.80 reais. Other emerging markets also fell Friday. Russia's key index closed down 3 percent while benchmark indices in Venezuela, Argentina and Mexico all tumbled more than 1 percent in midafternoon trade. shasta.darlington@reuters.com)) Copyright 1998, Reuters News Service