Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Steve Fancy who wrote (6483)	8/10/1998 4:50:00 PM
From: md1derful	Respond to of 22640

SF: Boy, a nice attempt at reversal today...the volume churning at this level in this downtrend actually looks pretty good to me, suggesting some spirited buying..if so, then nice up move tomorrow, I would think.

To: Steve Fancy who wrote (6483)	8/10/1998 5:22:00 PM
From: Fred Levine	Respond to of 22640

Steve and all-- WSJ article interactive.wsj.com Not much here except that fears of Asia have inhibited interest in TBR. As if we didn't know. f

To: Steve Fancy who wrote (6483)	8/11/1998 12:40:00 AM
From: Jerry A. Laska	Respond to of 22640

Brazil shrs end off 7th day on emerging mkt fears SAO PAULO, Aug 10 (Reuters) - Brazilian shares closed down 1.47 percent Monday, ending lower for the seventh day in a row, as prices were dragged down by worries about market instability in Russia and Asia, brokers said. ''A large part of the sellers are foreigners who don't want to run the 'Brazil risk'. Somehow they are placing Russia and Brazil on a similar level,'' said a Corretora Sao Paulo broker. The Bovespa index of the 58 most actively traded shares closed at 9,182 points. The index has lost over 10 percent so far this year. Shares worth 432.44 million reais ($372 million) changed hands Monday. The Bovespa index hit an intra-day low of 9,031, dipping below the lowest close so far this year, or 9,073, registered on June 15. Investors' pessimism was also reflected in Monday's currency market, where the Brazilian real slipped 0.09 percent to end at 1.1689 to the dollar. Dealers voiced fears of a devaluation in the Chinese yuan and the Hong Kong dollar. Some stock brokers said the Brazilian market was vulnerable to speculative attack due to its liquidity. ''Brazilian shares have fallen the most among the emerging markets as it is the most liquid,'' said a broker at Indusval brokerage. However, turmoil in overseas markets also hit the neighboring Argentine market, where the Merval index plunged 3.93 percent -- its lowest level in nearly two years. Brokers said the Bovespa bounced back a bit in late trading Monday simply because it fell so much. ''It was recovering toward the end on a technical rebound,'' said one trader. Benchmark Telebras preferred (TELB4.SA) hit 115 reais before ending at 120 reais on Monday. It was trading at 147 reais following its privatization auction on July 29. Telebras' Monday close represented a rise of 0.25 percent from Friday. But other bluechips were still slumping on Monday. Oil and gas group Petrobras preferred (PETR4.SA) was down 2.88 percent at 202 reais, while Eletrobras (ELET6.SA) preferred B shares were down 2.48 percent at 31.50 reais at the close. Iron ore miner Vale do Rio Doce (VALE5.SA) preferred shares ended off 3.3 percent at 20.80 reais. biz.yahoo.com

To: Steve Fancy who wrote (6483)	8/11/1998 12:44:00 AM
From: Jerry A. Laska	Read Replies (3) \| Respond to of 22640

China central banker says no need to devalue yuan BEIJING, Aug 11 (Reuters) - China does not need to devalue its yuan, or renminbi, currency, Liu Mingkang, deputy governor of the People's Bank of China, the central bank, said on Tuesday. ''The renminbi does not need to be devalued and will not be devalued,'' Liu told reporters. While a devaluation could help boost exports, China would pay the price in higher costs for imported raw materials and components and inflation, Liu said. ''A drastic devaluation could bring about a short-term export recovery but it will not help China's long-term strategic competitiveness,'' Liu said. ''A devaluation of the currency will also lead to a loss of confidence in the currency by the public and will also bring about inflation,'' Liu said. ''We think that devaluation or minor adjustment of the exchange rate is not a good measure for China,'' Liu said. Economists say a yuan devaluation could spark another round of devastating currency devaluations across Asia and further drag the region's beleaguered economies into recession. ''A drastic devaluation will surely deal a severe blow to other countries and economies, particularly those already suffering from financial crisis,'' Liu said. Although Beijing has repeatedly pledged not to devalue the yuan, Chinese and regional markets have been spooked by fears that it could do so if the Japanese yen continued to weaken. ''We are fully capable of maintaining the exchange rate of the renminbi,'' Liu said. ''We will adopt necessary measures to maintain the stability of the yuan exchange rate,'' Liu said. On Monday, China's central bank intervened in the tightly controlled foreign exchange market to support the yuan amid worries over the fate of the Japanese yen. The bank has waded into the market several times over the past few months to support the yuan. Beijing has also voiced displeasure with Tokyo's inability to enact policies to support the yen and help speed the recovery of Asian economies. Asked how much the central bank had spent on defending the yuan, Liu said: ''I can't disclose the figures.'' Liu said foreign and domestic currency speculators were ''not wise in their practise.'' ''I advise speculators not to miscalculate,'' he said without elaborating. (US$ = 8.3 yuan) -- Beijing Newsroom (86) 10-6532-1921; Fax (86) 10-6532-4978 biz.yahoo.com ........... China's President Jiang to visit Japan Sept 6-11 TOKYO, Aug 11 (Reuters) - Chinese President Jiang Zemin will make an official visit to Japan from September 6 to 11, the first Chinese president to do so, the Japanese Foreign Ministry said on Tuesday. Jiang's visit is expected to highlight concerns in financial markets that China may devalue its yuan currency in reaction to the slide in the Japanese yen, a move which could trigger a spiral of competitive devaluations throughout Asia. The visit will mark the 20th anniversary of the signing of a Sino-Japanese peace and friendship treaty which normalised relations between the erstwhile wartime foes. Japan's chief cabinet secretary, Hiromu Nonaka, told reporters on Tuesday: ''For the past 20 years, Japan-China relations have made rapid progress in political, economic, cultural, personnel exchange and various other fields.'' Nonaka said Tokyo hoped the visit would help to further promote bilateral ties. During his visit Jiang will have an audience with Emperor Akihito and Empress Michiko and hold talks with newly inaugurated Prime Minister Keizo Obuchi. ''We warmly welcome the visit by the president and his wife as a further deepening of the friendly relations between our two nations,'' the Foreign Ministry said in a statement. It will follow Japanese Foreign Minister Masahiko Komura's trip to Beijing last weekend. Jiang, who last visited Japan in 1992 as Chinese Communist Party secretary-general, will also visit the northern Japanese cities of Sapporo and Sendai. biz.yahoo.com