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

To: Fred Levine who wrote (9466)	11/5/1998 3:28:00 PM
From: Steve Fancy	Read Replies (2) \| Respond to of 22640

Brazil forex mkts gain about $100 mln, real firms Reuters, Thursday, November 05, 1998 at 14:49 SAO PAULO, Nov 5 (Reuters) - Brazil gained about $100 million through foreign exchange markets Thursday, according to traders' preliminary estimates, and the real firmed as optimism over Brazil's economic outlook grew. The currency strengthened 0.17 percent in the commercial forex market to close at 1.1885 reais against the dollar. As of 1730 local/1930 GMT a net $15 million had entered Brazil through the forex markets, while the benchmark stock index was up more than 5 percent after congressional approval of a crucial pension reform sent a jolt of enthusiasm through markets. A sharp decline in dollar outflows as fewer foreign bonds and loans come due this month has also contributed to the market's positive performance. If the net $100 million were confirmed, it would be the first day of positive forex flows in more than two weeks. The final figures won't be available until late Thursday night. More than $30 billion fled Brazil in August and September after Russia's currency devaluation sparked a wave of capital flight. Brazil lost a much slimmer $1.9 billion in October as companies withdrew cash to pay off foreign bonds and loans, offsetting a series of big foreign direct investments. As of 1730 local/1930 GMT, Brazil had gained $40 million through the commercial forex market and lost $25 million through the floating forex market, traders said. In the floating market, the real strengthened 0.02 percent to 1.1958 against the dollar and in the parallel market the currency firmed 0.8 percent to 1.245 reais to the dollar. Copyright 1998, Reuters News Service