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

To: Petrus who wrote (7233)	8/28/1998 10:01:00 AM
From: djane	Respond to of 22640

Brazil Bovespa jumps 3.25 pct after 21-month low Friday August 28, 9:44 am Eastern Time SAO PAULO, Aug 28 (Reuters) - Brazilian shares jumped 3.25 percent in early trade on Friday as investors take advantage of a calm in European markets to snap up shares at 21-month lows, traders said. ''Investor are doing a bit of bottom fishing,'' said Jorge Simino, a fund manager at Unibanco. ''It's a natural correction.'' Sao Paulo's key Bovespa index surged to 6,832 points in the first half hour of trading after plunging 9.95 the day before. Stocks like electric utility Celesc (CLSC6.SA) led the market's recovery, surging 13.73 percent to 58 centavos. Celesc plunged 17.7 percent on Thursday amid the market's nosedive on concern that persistent problems in Russia are driving investors out of emerging markets. ''Celesc was trading at 15 percent of its net worth,'' Simino said. ''That's a great price.'' Telebras (TELB4.SA), which accounts for about 50 percent of trading, rose 4.02 percent to 88 reais after tumbling more than 10 percent on Thursday. Related News Categories: international, US Market News Help Copyright c 1998 Reuters Limited. All rights reserved.