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

To: md1derful who wrote (9088)	10/21/1998 3:03:00 PM
From: Steve Fancy	Respond to of 22640

Local players satisfied with Brazil-IMF negotiations pace The joint communiqué of the Brazilian Authorities and the IMF Management had a positive effect on local stock exchanges, whose traders were optimistic about the pace at which the negotiations were evolving. Although there had been no official announcement on the fiscal package, government sources hinted Tuesday that president re-elected Fernando Henrique Cardoso had already been presented with its final version. Market analysts said, however, that whether the president had the package's final draft or not was not what had been worrying traders the most. They said trader expectations were related to the fiscal program's feasibility as well as to whether the government would face a strong resistence when it presents the package to Congress. Meanwhile, player sentiment was of caution, with some of them even forecasting local stocks might trade downward only to post a recuperation after an increase in trading volumes and the market regains confidence in the government's economic team. The São Paulo stock exchange index (Ibovespa) finished higher by 1.25% at 6,930 points (Ibovespa/US$ finished up 1.41% at 2,121 points). Trading volume totaled US$403.965m, with 29.681 billion shares having changed hands. The Rio de Janeiro Stock Exchange Index (IBV-RJ) closed higher by 2.14% at 24,112 points (IBV/US$ closed up 2.30% at 7,380 points). Among the blue chips, Telebrás Receipts/US$ ended down 0.90%. Eletrobrás finished higher by 2.38%. Petrobras PN/US$ finished up 5.80%. Usiminas finished higher by 7.03%. CSN ended up 0.70%. At the Futures and Commodities Exchange (BM&F), dollar futures contracts for November finished down 0.04% at R$1.11924. December contracts finished the day down 0.03% at R$1.20580. The floating dollar rose 0.01% to R$1.1924, offering a premium of 0.24%. The black market dollar ended the day stable at R$1.290, offering a premium of 8.44%. The commercial dollar Ptax ended at R$ 1.1880/ R$ 1.1877 from R$ 1.1894/ R$ 1.1891 last Monday.

To: md1derful who wrote (9088)	10/21/1998 3:07:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Forex posts a US$1.544bn surplus on Tuesday São Paulo, 21 - Brazil's forex market posted a US$1.544bn surplus on Tuesday. The result increased the month's accumulated positive balance to US$2.889bn from US$1.345bn. During the session, financial inflow reached US$1.923bn, well above outflow which stood at US$342.80m. According to dealers, the outstanding inflow figure is due to the payment of Banco Real by the Dutch-based bank ANB-Amro. In the trade account, exports reached US$16.30m, against imports of US$201m. The floating dollar was negative at US$197.74m, boosting the month's negative result to US$1.605bn from US$1.406bn. (By Lucinda Pinto)

To: md1derful who wrote (9088)	10/21/1998 3:08:00 PM
From: Steve Fancy	Read Replies (2) \| Respond to of 22640

Local stock markets have reached crossroad, investors say Although Brazilian equity markets carry on trading positively, it has not completely abandon the overall sentiment that businesses have reached a crossroad. On one hand, investors claim that the development of negotiations on a financial package to be agreed between the International Monetary Fund and the Brazilian government -- see the joint communiqué of the Brazilian Authorities and the IMF Management -- might continue motivating an improvement in stock prices. On the other hand, they fear that the package may take too long to arrive or that it does not meet investors' needs, which could end up disappointing market participants.