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Strategies & Market Trends : The Stock Market Bubble -- Ignore unavailable to you. Want to Upgrade?

To: The Perfect Hedge who wrote (2528)	1/12/1999 1:16:00 PM
From: Box-By-The-Riviera™	Respond to of 3339

Tuesday January 12, 12:59 pm Eastern Time Brazil shrs plunge 8.9 pct, near circuit-breaker SAO PAULO, Jan 12 (Reuters) - Brazilian shares plunged 8.9 percent in afternoon trade Tuesday as concerns over Minas Gerais state's debt moratorium sparked dollar flight and pushed shares close to the circuit-breaker cut-off, traders said. Sao Paulo's key Bovespa index slumped to 5,835 points. Trade on the Bovespa is halted if the index falls 10 percent before the last half hour of the session. ''Stocks are down on continued strong dollar outflows,'' a trader at Opportunity brokerage in Rio de Janeiro said. He said that Minas Gerais' decision to halt payments on its debt to the central government has made international debt markets skittish, forcing companies to pay off maturing foreign issues instead of rolling them over. ''Nobody seems to be doing anything about this situation,'' he said. More than $1 billion has fled Brazil through foreign exchange markets this month.