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

To: posjim who wrote (9633)	11/12/1998 1:59:00 PM
From: Steve Fancy	Respond to of 22640

Brazil shares tumble on concerns over reform votes Reuters, Thursday, November 12, 1998 at 13:49 SAO PAULO, Nov 12 (Reuters) - Brazilian shares tumbled on Thursday as investors awaited news of an International Monetary Fund (IMF) aid package and grew worried that fiscal reform measures may get stuck in Congress, traders said. The Bovespa (INDEX:$BVSP.X) dropped 3.09 percent to 7,523 points at 1608 local/1308 EST/1808 GMT in fairly low volume. "A lull in news on the IMF is forcing investors to focus on domestic politics. Markets are growing worried that reforms may get stuck in Congress after Cardoso's news," said one broker. Brazilian authorities said on Wednesday they were investigating a suspected attempt to blackmail President Fernando Henrique Cardoso with documents claiming to show he had millions of dollars stashed in the Cayman Islands. Investors worried that a devastating development on this front could result in a delay in crucial fiscal reforms. The Brazilian government has promised to save $84 billion over the next three years to secure an IMF-led credit line. Among Brazilian blue chips, Telebras preferred receipts (SAO:RCTB40) lost 2.26 percent to 95 reais, while Petrobras preferred (SAO:PETR4) dropped 3.9 percent to 172 reais. By late afternoon trading, an estimated 430 million reais ($360 million) had changed hands. Copyright 1998, Reuters News Service