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

To: Steve Fancy who wrote (9467)	11/5/1998 3:35:00 PM
From: lebo	Respond to of 22640

Bovespa up 5.7% WOW

To: Steve Fancy who wrote (9467)	11/5/1998 4:34:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Brazil shrs end sharply up cheering Congress vote Reuters, Thursday, November 05, 1998 at 16:01 SAO PAULO, Nov 5 (Reuters) - Brazilian shares ended sharply up on Thursday as some new funds, including foreign cash, started flowing in after the government won a key reform vote in Congress on Wednesday, traders said. The blue chip Bovespa index (INDEX:$BVSP.X) shot up 5.7 percent to 8,093 points, or near its day's high. The index gained a hefty 24 percent in the last four sessions as players pinned their hopes on the vote and soon-to-come financial aid from the International Monetary Fund (IMF), traders said. "The mood has definitely changed to one with more optimism," said Evandro dos Reis at Indusval brokerage. The government on Wednesday successfully defeated three final opposition amendments to the country's long-delayed bill to reform the heavily indebted social security system. The vote was seen as a crucial test of the government's ability to push ahead with other reforms and budget cutting steps included in the $84 billion austerity package announced last week. The package was required of Brazil to secure a special credit line from the IMF. Earlier in the day, Central Bank president Gustavo Franco was reported to be heading for Washington Thursday night to meet IMF officials. IMF sources said on Wednesday that a final deal for Brazil could be announced as soon as Friday. On Thursday, trading volume grew to 679.3 million reais ($575.7 million), the heaviest since September 17. Traders forecast nearly 100 million reais came from foreigners. Among the advances were Embratel (SAO:EBTP4), which gained 11.86 percent to 19.80 reais. The long-distance telephone firm spun off of former federal holding Telebras (NYSE:TBR) said it would list on the New York Stock Exchange on November 18 along with 11 other Telebras split-ups. Telebras preferred receipts (SAO:RCTB40) were also up 6.83 percent at 103.30 reais. noriko.yamaguchi@reuters.com)) Copyright 1998, Reuters News Service