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

To: Steve Fancy who wrote (7011)	8/21/1998 4:11:00 PM
From: md1derful	Respond to of 22640

SF: I only mention the indicator on this thread..so only us brilliant types know of it..quite frankly it is a trend which I also noted which is why I keep mentionning it, but you clearly called it first!!

To: Steve Fancy who wrote (7011)	8/21/1998 4:38:00 PM
From: Steve Fancy	Respond to of 22640

Brazil shares brake steep losses as funds step in Reuters, Friday, August 21, 1998 at 16:08 RIO DE JANEIRO, Aug 21 (Reuters) - Brazilian shares bounced back from earlier steep losses on Friday as pension funds and the National Development Bank (BNDES) starting snapping up stocks perceived to be cheap, traders said. The Bovespa (INDEX:$BVSP.X) index of 58 leading shares was down only 3.17 percent at 1609 local/1909 GMT after earlier triggering a circuit breaker with a 10 percent loss. The index was down 2.62 percent at 7,782 at 1631 local/1931 GMT, while the benchmark blue chip share Telebras (SAO:TELB4) was trading 1.0 percent lower at 99.50 reais after hitting an intraday low of 92.50 reais. Traders said worries that Russia would not be able to pull itself out of an economic mess that was threatening to slop over into Latin America had triggered the earlier nose dive. But now the state pension funds and the BNDES had stepped in to stem the losses. "It seems to be a white knight action. The violence of the fall today was very worrying," one trader said. A Finance Ministry official said earlier that the plunge in equities was exceptional, but the foreign exchange market had been spared so far. "It was an exceptional drop, but as long as there is no sharp movement in the foreign exchange market, there is no need for extra worry," the official, who asked not to be named, told Reuters. In the local currency market, the real was holding steady at 1.1750 to the dollar. In the debt market, Brazil's dollar- denominated C-bonds were trading down 3.4 points at 56.125 at 1643 local/1943 GMT after sinking to a year low of 54 earlier. tracey.ober@reuters.com)) Copyright 1998, Reuters News Service