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

To: Steve Fancy who wrote (8363)	9/21/1998 4:46:00 PM
From: Steve Fancy	Read Replies (3) \| Respond to of 22640

She seems to have sold off after the bell somewhat...I'm showing last trade at 16:38 of 69 -5. Maybe an out of sequence trade in that bid's at 70 1/4 x 71 1/16. sf

To: Steve Fancy who wrote (8363)	9/21/1998 4:54:00 PM
From: Steve Fancy	Respond to of 22640

Brazil shares pare losses in line with Wall Street Reuters, Monday, September 21, 1998 at 14:18 SAO PAULO, Sept 21 (Reuters) - Brazilian stocks were paring losses early Monday afternoon as a wave of selling pressure, prompted by steep declines by overseas equities overnight, receded in line with a Wall Street recovery, brokers said. The 57-share Bovespa index (INDEX:$BVSP.X) was down 3.43 percent to 6480 points by 1445 local/1745 GMT, recovering from an early morning slump of more than 7 percent. "The Bovespa is poised for more falls on technical charts, but it seems a better sentiment on Wall Street is helping now," a local trader said. The Dow Jones industrial average (INDEX:$INDU) was down half a percent. Volume on the Sao Paulo bourse was very low, with about 160 million reais ($135.5 million) reported by early afternoon. "It was easy to come back up because the fall this morning seemed to lack substance," one trader said. Receipts of Telebras preferred shares (SAO:RCTB40), which replaced the preferred shares of former telephone giant Telebras on Monday, were trading at 83.80 reais. The price was 2.89 percent lower than Telebras preferred's close on Friday. The Sao Paulo bourse listed and started trading in the 12 units carved out of Telebras -- Brazil's top blue-chip company which was privatized on July 29. Though investors could still trade in the receipts, which served as a basket of the 12 units, players were also allowed to trade in the individual units starting today. Two of them, Telesp Participacoes preferred (SAO:TLPP4) and Tele Norte Leste Participacoes preferred (SAO:TNLP4), were trading at 31.50 reais and 20 reais, respectively. Telesp Celular preferred (SAO:TSPP4) was quoted at 8 reais, while Embratel (SAO:EBTP4) was at 15 reais. In Brazil's debt market, C-bonds <BRAZILC=RR>, traded in New York were up 0.5 percentage points to 61.625, recovering from a 2.625-point decline earlier. Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (8363)	9/21/1998 5:02:00 PM
From: Steve Fancy	Respond to of 22640

Cenbank head "certain" Brazil will overcome crisis Reuters, Monday, September 21, 1998 at 16:43 RIO DE JANEIRO, Sept 21 (Reuters) - Brazil's Central Bank President Gustavo Franco said Monday he was "certain" Brazil would ride through the turmoil currently battering worldwide financial markets. "Brazil is being tested, our economy, our foundations, our government, but I am certain we will pass through this," Franco said in a speech to businessmen in Rio de Janeiro. "The Central Bank will do its part." Franco did not provide further details of how the Central Bank planned to combat the economic crisis. The bank yanked up interest rates to almost 50 percent a year earlier this month to combat massive dollar outflows as investors dumped local assets after a devaluation in Russia triggered a global crisis in confidence in emerging markets. Investors say Brazil's huge current account and budget deficits make its currency vulnerable to speculative attack. Franco said Brazilians knew "very well" the reasons they were being tested and that these included the fiscal situation, but he added the government was taking the right measures to address these problems. The government has announced some $5.17 billion in spending cuts this month in an effort to reassure investors it is reining in the nominal budget gap, which towers above 7 percent of gross domestic product. "We are building a Brazil which fits within its limits," Franco said. He defended the creation of instruments to prevent regional crisis from spreading to other markets. Brazil said last week it was in talks with the International Monetary Fund on a plan to shield Latin America from the global crisis in emerging markets. "There should be some instrument to prevent contagion," the Central Bank president said. He noted that foreign direct investment remained high, with the country currently receiving 4 percent of global investment. "In three years, 1996, 1997 and 1998, Brazil will have received close to $40 billion (in foreign direct investment), which represents more than it previously received in its entire history," he said. 507-2120, denise.luna@reuters.com)) Copyright 1998, Reuters News Service