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 (9130)	10/23/1998 3:14:00 PM
From: Steve Fancy	Respond to of 22640

Brazil shares slump after 4 straight days of gains Reuters, Friday, October 23, 1998 at 15:01 SAO PAULO, Oct 23 (Reuters) - Brazilian shares slumped in weak volume Friday as investors took the chance to reap some profits after four straight days of gains which had helped the Bovespa index (INDEX:$BVSP.X) add some 13 percent, traders said. The Bovespa was down 3.05 percent to 7,372 points at 1620 local/1820 GMT. The index was also tracking weak stock prices in New York, where the Dow Jones industrial index (INDEX:$INDU) was down by about one percent. Stocks were rising all week on hopes Brazil would soon secure financial backing from the International Monetary Fund as soon as the government comes up with some fiscal adjustment measures. "Some investors are liquidating their positions ahead of the weekend, because nobody knows what could happen," said a trader at Sao Paulo Corretora. Volume was a weaker-than-usual 300 million reais ($254 million). The market's benchmark Telebras receipts (SAO:RCTB40) was down 3.89 percent at 94 reais while Petrobras preferred (SAO:PETR4) lost 5.34 percent to 159 reais. Copyright 1998, Reuters News Service