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 (8617)	9/29/1998 6:47:00 PM
From: jan m.	Read Replies (1) \| Respond to of 22640

I'm still holding UBB--was ready to sell, but it started looking better at the close. I want to see what happens with the IMF meeting, and the election, this weekend. The continuing flight of dollars has me concerned. Jan

To: Steve Fancy who wrote (8617)	9/29/1998 8:05:00 PM
From: Steve Fancy	Respond to of 22640

Brazil Cardoso to discuss constitutional assembly Reuters, Tuesday, September 29, 1998 at 18:35 BRASILIA, Sept 29 (Reuters) - Brazilian President Fernando Henrique Cardoso will discuss with political leaders the possibility of holding a special constitutional assembly next year to speed up key structural reforms, a spokesman said Tuesday. "Perhaps it would not be the answer for everything, but it is a hypothesis that must be seriously considered," spokesman Sergio Amaral said. Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (8617)	9/29/1998 8:06:00 PM
From: Steve Fancy	Respond to of 22640

Brazil must save $17-$25 bln in 1999 - economists Reuters, Tuesday, September 29, 1998 at 18:46 By Joelle Diderich BRASILIA, Sept 29 (Reuters) - Brazil will have to save $17 billion to $25 billion in 1999, up to five times the size of recent spending cuts, to convince investors it is serious about slashing its budget deficit and defending its currency, economists said. President Fernando Henrique Cardoso heads into elections on Sunday facing the worst economic crisis of his mandate as global turmoil in emerging markets threatens to topple a four-year economic recovery in Latin America's largest nation. Speculation is rife that the International Monetary Fund (IMF) and other global agencies will agree on a package of financial aid for Brazil and other Latin American economies when they meet in Washington this week. Brazil needs the money to shore up reserves, its best defense against devaluation, which have dwindled to about $47 billion from about $67 billion at the beginning of the month. The IMF has already indicated that any cash handout will depend on Brazil speeding up the pace of pension and tax reforms, currently stuck in Congress, and attacking a budget deficit of more than 7 percent of gross domestic product (GDP). "We are probably going to see a very strong effort after elections...to start to get things going in Congress," said Constantin Jancso, economist at MCM Consultores. "To that end, it would be very positive if Cardoso gets an overwhelming vote in order to strengthen his hand in negotiating," he added. Brazil has increased interest rates to around 50 percent a year and announced more than $5 billion in new spending cuts to woo back nervous investors after a devaluation in Russia triggered a massive flight of dollars out of the country. But the government's ability to make deeper cuts will depend largely on the goodwill of lawmakers, since large chunks of the budget are protected by the constitution, which also gives broad spending powers to state and local governments. Brazil needs to save at least 20 billion reais ($17 billion) next year in order to post a public sector primary budget surplus of 2 percent of GDP, according to Rita Rodrigues, economist at local consulting firm Tendencias. "The most important thing will be to cut spending," she said. "But we don't exclude a rise in taxes." Jancso said the government would have to find an extra 18 billion reais in savings in 1999 in addition to the planned 11 billion reais in spending cuts it announced earlier this month in order to generate a convincing primary budget surplus. Some measures suggested by economists were: * cut federal operating costs and infrastructure spending, the fastest-growing item in National Treasury accounts excluding debt servicing, to 1997 levels; * raise the so-called CPMF tax on financial transactions to 0.25 percent from 0.20 percent to raise 2 billion reais; * introduce pension contributions for state-level civil servants and raise contributions of federal civil servants, both active and retired; * ban civil servants from receiving more than one pension; * raise import duties, which would increase revenues and lower the trade deficit, a chief contributor to a current account deficit of 4.09 percent of GDP; * raise the financial operations tax (IOF) on consumer and corporate loans. * push through measures to finalize civil service reform, approved by Congress this year, to generate savings of 4 billion reais in 1999. The law would allow states and local governments to fire workers under a law that prohibits them from spending more than 60 percent of net revenues on personnel. Many of the measures depend on reforms, which face stiff resistance from lawmakers who consider privileges for public servants an acquired right. "The country's budget structure is very rigid," noted Eduardo Gianetti da Fonseca, economist at the University of Sao Paulo. "If you sum up some items -- debt servicing costs, constitutional transfers, personnel costs and social security -- you're talking about more than 90 percent of the budget. So the margin for discretionary government costs is very small," he said. Cardoso can push through unpopular measures providing he wins convincingly on Sunday, analysts said. The president is the firm favorite to win the elections, despite hinting at harsher fiscal measures, as voters bank on his success in slashing inflation to guide them through the current economic crisis. joelle.diderich@reuters.com)) Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (8617)	9/29/1998 8:16:00 PM
From: Steve Fancy	Respond to of 22640

Brazil's Cardoso Rules Out Surprise Package After Poll September 29, 1998 Dow Jones Newswires BRASILIA -- Brazilian President Fernando Henrique Cardoso is not in favor of raising taxes and guarantees that the population won't be surprised by 'a post-election package,' his official spokesman said Tuesday. Presidential spokesman Sergio Amaral told reporters that press stories about a probable tax increase to be announced immediately after the Oct. 4 elections, 'are mere speculation.' He said that the population 'won't be surprised by a package of measures', adding that 'such an idea doesn't exist.' Cardoso is widely tipped to win the elections to gain a second four-year term next Sunday. Amaral said that according to the president, all the government's economic team is working on, is elaborating fiscal measures to be applied over the next three years. -By William Vanvolsem; (5561) 244 3095; wvanvolsem@ap.org

To: Steve Fancy who wrote (8617)	9/29/1998 8:26:00 PM
From: Steve Fancy	Respond to of 22640

Closing figures for the Baby Bras Preferred shares on the Bovespa for: 09/29/1998 ******* The 12 Baby Bra preferred shares should add up to the US ADR closing price Company Type Symbol OPEN HIGH LOW CLOSE CHG TRADES $ VOLUME ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ EMBRATEL PAR PN * EBTP4 13.50 13.99 13.00 13.50 + 1.50% 92 149,500,000 TELE CL SUL PN * TCSL4 1.75 1.75 1.60 1.75 = 0.00% 79 416,300,000 TELE CTR OES PN * TCOC4 0.85 0.95 0.81 0.87 + 2.35% 90 420,000,000 TELE CTR SUL PN * TCSP4 13.00 13.20 12.50 13.20 + 3.12% 137 254,300,000 TELE LEST CL PN * TLCP4 0.50 0.54 0.46 0.48 - 4.00% 98 552,800,000 TELE NORD CL PN * TNEP4 0.89 1.00 0.80 0.88 - 2.22% 89 451,100,000 TELE NORT CL PN * TNCP4 0.39 0.45 0.35 0.39 = 0.00% 109 484,600,000 TELE NORT LE PN * TNLP4 13.00 13.80 12.90 13.71 + 3.86% 64 117,800,000 TELE SUDESTE PN * TSEP4 4.40 4.40 3.90 3.91 -10.93% 112 259,700,000 TELEMIG PART PN * TMCP4 1.06 1.06 0.95 0.99 - 5.71% 100 529,300,000 TELESP CL PA PN * TSPP4 9.10 9.20 8.50 9.00 = 0.00% 80 239,500,000 TELESP PART PN * TLPP4 28.50 30.00 28.50 30.00 + 9.09% 235 399,900,000 ------ R$ 88.68 R$ 88.68 / 1.1835 = US$ 74.93 Closing figures for the Baby Bras Common shares on the Bovespa for: 09/29/1998 These shares trade only in Brazil (Control or Voting shares), will not match up to US ADR Company Type Symbol OPEN HIGH LOW CLOSE CHG TRADES $ VOLUME ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ EMBRATEL PAR ON * EBTP3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELE CL SUL ON * TCSL3 0.87 0.95 0.87 0.90 + 3.44% 24 254,900,000 TELE CTR OES ON * TCOC3 0.55 0.60 0.55 0.60 +15.38% 9 457,100,000 TELE CTR SUL ON * TCSP3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELE LEST CL ON * TLCP3 0.36 0.36 0.30 0.35 - 2.77% 18 183,400,000 TELE NORD CL ON * TNEP3 0.57 0.61 0.57 0.60 + 5.26% 20 572,800,000 TELE NORT CL ON * TNCP3 0.30 0.30 0.27 0.30 = 0.00% 8 418,600,000 TELE NORT LE ON * TNLP3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELE SUDESTE ON * TSEP3 2.40 2.40 2.40 2.40 + 2.12% 5 35,000,000 TELEMIG PART ON * TMCP3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELESP CL PA ON * TSPP3 5.50 6.00 5.50 6.00 - 3.22% 2 6,000,000 TELESP PART ON * TLPP3 18.60 18.60 18.60 18.60 + 0.48% 3 400,000 Closing figures for Telebras receipts on the Bovespa for: 09/29/1998 These symbols are kind of the US TBH equivalent without the crazy premium. I believe the first two are the normal receipts, don't know about rest...anyone? Company Type Symbol OPEN HIGH LOW CLOSE CHG TRADES $ VOLUME ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ TELEBR RCTB RPN* RCTB40 87.00 87.70 84.00 87.50 + 1.27% 607 1,500,100,000 TELEBR RCTB RON* RCTB30 53.00 54.49 52.00 53.50 - 0.92% 110 166,000,000 TELEBR RCTB RON* RCTB30T 54.89 54.90 54.06 54.06 0.00% 3 141,621 RCTB RPN* RCTBJ23 1.40 1.60 1.00 1.30 - 7.14% 934 1,835,000,000 RCTB RPN* RCTBJ24 0.60 0.65 0.45 0.46 -23.33% 110 244,200,000 RCTB RPN* RCTBJ25 0.25 0.30 0.25 0.27 = 0.00% 17 47,600,000 RCTB RPN* RCTBJ26 0.12 0.13 0.12 0.13 +18.18% 3 10,000,000 RCTB RPN* RCTBJ41 11.80 12.50 11.30 11.80 + 0.85% 16 35,000,000 RCTB RPN* RCTBJ42 6.90 7.10 5.60 6.45 - 3.73% 522 1,052,000,000 RCTB RPN* RCTBJ43 3.00 3.55 2.60 3.05 - 4.68% 1599 2,849,000,000 RCTB RPN* RCTBJ52 18.50 18.50 18.50 18.50 - 4.14% 1 1,000,000 RCTB RPN* RCTBL96 11.04 11.04 9.99 9.99 / 0.00% 2 260,000,000 RCTB RPN* RCTBD1 3.80 3.80 3.80 3.80 / 0.00% 1 100,000,000 RCTB RPN* RCTBX1 14.50 15.00 14.50 15.00 / 0.00% 2 260,000,000 RCTB RPN* RCTBP18 64.00 64.00 64.00 64.00 / 0.00% 1 100,000,000 RCTB RPN* RCTBP19 67.60 67.60 67.60 67.60 / 0.00% 1 100,000,000 TELEBR RCTB RPN* RCTB40F 87.00 87.50 84.50 87.00 / 0.00% 36 929,892 TELEBR RCTB RON* RCTB30F 53.00 54.00 52.00 52.50 / 0.00% 27 497,642 Closing figures for other Baby Bra related symbols on the Bovespa for: 09/29/1998 Have no idea what these are...options? Anyone know or want to help figure it out? Company Type Symbol OPEN HIGH LOW CLOSE CHG TRADES $ VOLUME ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ TELE NORT CL PN * TNCP4T 0.39 0.39 0.39 0.39 0.00% 1 3,000,000 EMBRATEL PAR PN * EBTP4F 12.00 13.04 12.00 13.04 / 0.00% 2 48,141 EMBRATEL PAR ON * EBTP3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELE CL SUL PN * TCSL4F 1.65 1.74 1.55 1.55 / 0.00% 6 269,291 TELE CL SUL ON * TCSL3F 0.70 0.87 0.70 0.87 / 0.00% 4 59,500 TELE CTR OES PN * TCOC4F 0.91 0.91 0.82 0.87 / 0.00% 4 149,291 TELE CTR OES ON * TCOC3F 0.36 0.59 0.36 0.59 / 0.00% 5 64,200 TELE CTR SUL ON * TCSP3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELE CTR SUL PN * TCSP4F 12.00 13.00 12.00 12.50 / 0.00% 4 145,148 TELE LEST CL ON * TLCP3F 0.20 0.30 0.20 0.30 / 0.00% 4 59,500 TELE LEST CL PN * TLCP4F 0.50 0.50 0.46 0.47 / 0.00% 6 210,494 TELE NORD CL ON * TNEP3F 0.60 0.60 0.59 0.59 / 0.00% 3 16,261 TELE NORD CL PN * TNEP4F 0.82 0.90 0.81 0.90 / 0.00% 3 179,291 TELE NORT CL PN * TNCP4F 0.36 0.36 0.34 0.34 / 0.00% 3 179,291 TELE NORT CL ON * TNCP3F 0.25 0.27 0.25 0.27 / 0.00% 2 16,260 TELE NORT LE PN * TNLP4F 12.50 13.00 12.50 13.00 / 0.00% 2 65,141 TELE NORT LE ON * TNLP3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELE SUDESTE PN * TSEP4F 4.30 4.30 4.00 4.00 / 0.00% 7 222,356 TELE SUDESTE ON * TSEP3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG PART PN * TMCP4F 0.80 0.95 0.80 0.80 / 0.00% 6 179,291 TELEMIG PART ON * TMCP3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELESP CL PA PN * TSPP4F 8.60 8.60 8.15 8.15 / 0.00% 2 98,141 TELESP CL PA ON * TSPP3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELESP PART PN * TLPP4F 28.50 29.00 28.50 29.00 / 0.00% 3 64,141 TELESP PART ON * TLPP3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 Closing figures for other Telebras related symbols on the Bovespa: 09/29/1998 These symbols are for the 52 individual companies, no match to anything, provided FWIW. Company Type Symbol OPEN HIGH LOW CLOSE CHG TRADES $ VOLUME ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ TELEBAHIA PNA* TEBA5 18.41 20.49 17.10 19.80 - 0.10% 37 8,800,000 TELEBAHIA ON * TEBA3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA CL ON * TBAC3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA CL PNC* TBAC7 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA CL PNB* TBAC6 17.01 19.80 17.01 19.80 - 0.95% 9 3,080,000 TELEBRAS PN EC TELB4 0.42 0.45 0.40 0.44 + 4.76% 113 466,200,000 TELEBRAS ON EC TELB3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRASI CL PNB* TBRC6 45.00 45.00 45.00 45.00 = 0.00% 1 100,000 TELEBRASI CL ON * TBRC3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRASILIA ON * TBRS3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRASILIA PN * TBRS4 93.00 95.00 93.00 95.00 + 2.15% 6 220,000 TELEMIG PNB* TMGR6 43.49 43.49 42.00 42.00 - 4.54% 3 30,000 TELEMIG ON * TMGR3 25.00 25.00 25.00 25.00 -19.32% 1 20,000 TELEMIG PND* TMGR8 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL PNB* TMGC6 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL PNE* TMGC11 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL PNC* TMGC7 13.00 13.50 13.00 13.20 + 1.46% 46 21,510,000 TELEMIG CL ON * TMGC3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEPAR PN * TEPR4 180.00 230.02 178.00 200.00 + 8.10% 49 37,506,000 TELEPAR ON * TEPR3 110.00 110.00 110.00 110.00 - 7.56% 2 4,000 TELEPAR CL PNB* TPRC6 69.00 69.00 66.00 66.50 - 0.73% 29 1,661,000 TELEPAR CL ON * TPRC3 38.00 38.01 38.00 38.01 - 9.50% 2 4,000 TELERJ PN * TERJ4 35.11 35.60 34.50 34.95 - 0.45% 171 47,220,000 TELERJ ON * TERJ3 21.51 21.51 21.50 21.51 + 0.04% 4 120,000 TELERJ CL PNB* TRJC6 28.30 28.30 27.50 27.50 - 2.82% 66 16,530,000 TELERJ CL ON * TRJC3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELESP ON * TLSP3 128.00 129.00 127.00 129.00 + 0.78% 27 11,070,000 TELESP PN * TLSP4 176.01 182.00 170.00 182.00 + 2.24% 337 97,000,000 TELESP CL ON * TSPC3 33.50 33.50 32.50 32.60 + 0.30% 16 2,740,000 TELESP CL PNB* TSPC6 54.00 55.50 53.00 53.50 - 2.72% 125 84,940,000 TELEPAR PN * TEPR4T 199.93 199.94 199.93 199.94 0.00% 2 1,700,000 TELERJ PN * TERJ4T 35.70 35.70 35.69 35.69 0.00% 2 5,000,000 TELEBAHIA ON * TEBA3F 17.00 17.00 17.00 17.00 / 0.00% 1 6,426 TELEBAHIA PNA* TEBA5F 18.07 20.00 18.06 19.00 / 0.00% 9 21,388 TELEBAHIA PNB* TEBA6F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA CL ON * TBAC3F 10.00 10.00 10.00 10.00 / 0.00% 1 6,426 TELEBAHIA CL PNB* TBAC6F 17.60 19.80 17.60 19.80 / 0.00% 3 17,884 TELEBRAS PN EC TELB4F 0.30 0.40 0.30 0.40 / 0.00% 8 172,282 TELEBRAS ON EC TELB3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRASI CL PNB* TBRC6F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRASI CL ON * TBRC3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRASILIA PN * TBRS4F 90.00 94.01 90.00 94.00 / 0.00% 4 11,098 TELEBRASILIA ON * TBRS3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG PNB* TMGR6F 42.00 44.00 42.00 42.00 / 0.00% 3 11,433 TELEMIG ON * TMGR3F 28.00 28.00 23.51 23.51 / 0.00% 2 5,656 TELEMIG PNA* TMGR5F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG PND* TMGR8F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL PNB* TMGC6F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL PNE* TMGC11F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL PNC* TMGC7F 13.00 13.00 12.00 12.00 / 0.00% 3 14,903 TELEMIG CL ON * TMGC3F 10.01 10.01 10.01 10.01 / 0.00% 1 5,309 TELEPAR PN * TEPR4F 175.00 200.00 170.01 200.00 / 0.00% 14 3,656 TELEPAR ON * TEPR3F 105.01 105.01 105.01 105.01 / 0.00% 2 741 TELEPAR CL ON * TPRC3F 38.01 38.01 38.00 38.00 / 0.00% 3 741 TELEPAR CL PNB* TPRC6F 66.00 66.00 64.00 65.01 / 0.00% 8 1,710 TELERJ PN * TERJ4F 35.50 35.50 34.50 34.51 / 0.00% 14 24,845 TELERJ ON * TERJ3F 21.00 21.01 21.00 21.01 / 0.00% 3 9,704 TELERJ CL PNB* TRJC6F 27.50 27.51 26.51 26.51 / 0.00% 13 31,194 TELERJ CL ON * TRJC3F 20.01 20.01 20.01 20.01 / 0.00% 2 3,190 TELESP ON * TLSP3F 127.00 127.00 126.01 126.01 / 0.00% 5 18,979 TELESP PN * TLSP4F 175.00 180.00 165.00 180.00 / 0.00% 49 173,566 TELESP CL ON * TSPC3F 32.50 34.00 31.99 34.00 / 0.00% 4 19,000 TELESP CL PNB* TSPC6F 54.00 54.50 52.00 52.00 / 0.00% 15 61,606

To: Steve Fancy who wrote (8617)	9/29/1998 8:38:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

U.S. Fed disappoints Latam markets with rate cut Reuters, Tuesday, September 29, 1998 at 20:27 By Michael Christie MEXICO CITY, Sept 29 (Reuters) - Latin American markets, torn by weeks of turbulence amid a loss of faith in emerging markets and devaluation fears, on Tuesday swallowed an expected U.S. interest rate cut with a measure of disappointment. Hoping for, but not necessarily expecting, something more ambitious than the Federal Reserve's quarter-point cut to 5.25 percent in a key interest rate, most regional markets succumbed to profit-taking while others posted only marginal gains. "A very high percentage in the market had discounted a scenario of cuts in U.S. interest rates," said Hector Jimenez, head of research at Inverlat brokerage in Mexico, where the IPC <.MXX> index slumped 1.0 percent to close at 3679.91 points. Remarks by Fed Chairman Alan Greenspan over the past week, hinting at the rate cut, had fed Latin American optimism that further financial hurricanes could be avoided by policies stimulating growth in the United States. The prospect of cheaper borrowing in the United States, combined with talk of a global finance package for emerging markets, helped ease recent outflows of dollars from Brazil and, temporarily, at least, eclipsed fears that Latin America's economic powerhouse may be forced to devalue. Last week the rate cut hopes fueled share price rises across the region. When it actually came through, there was little else to do but sell until the next positive or negative news came along, either from an International Monetary Fund (IMF) and World Bank meeting in Washington this weekend or presidential elections Oct. 4 in Brazil, traders said. "This (rate) cut will greatly relieve investors but it does not imply the crisis is over," said Ismael Vazquez of Peru's Progreso brokerage. In Brazil, shares initially plunged 2.0 percent on the Federal Reserve move. Sao Paulo's Bovespa (INDEX:$BVSP.X) index then recovered to end 0.61 percent higher at 6869 points after traders decided they had reacted too negatively. "The market reacted with nervousness, but soon realized that the fall was exaggerated," said one. The Brazilian central bank's director of international affairs, Demosthenes de Pinho Neto, told reporters the rate cut "was absolutely within expectations". Brazilian Finance Minister Pedro Malan has led Latin American calls for Washington's financial authorities to play their part in staving off further financial crises after Asian and Russian devaluations. Lowering U.S. rates is expected to make investors more willing to assume the risk of emerging market investments, attracting wary foreign capital back into Latin America. In Argentina, remarks by officials that the rate cut was "very positive" did not prevent the MerVal <.MERV> share index from ending 0.57 percent lower at 397.42 points. Chilean stocks also ended slightly off, with the IPSA <.IPSA> index down 0.18 percent at 66.25 points. Lima stocks posted losses too. The General Index <.IGRA> there fell 1.32 percent to 1260 points. By contrast, Colombian shares ended higher on Tuesday for the sixth consecutive session, with the IBB <.IBB> closing up 0.83 percent at 858.48 points, a positive note echoed in Caracas where the IBC <.IBC> rose 0.8 percent to end at 3754 points. Copyright 1998, Reuters News Service