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

To: Steve Fancy who wrote (11698)	1/14/1999 2:38:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Brazilian Stock Index Tumbles on Currency Concerns Sao Paulo, Jan. 14 (Bloomberg) -- Brazilian stocks plunged and interest rates soared as traders bet yesterday's currency devaluation will trigger new declines in the real and throttle growth in Latin America's biggest economy. The benchmark Bovespa index tumbled as much as 9.9 percent to 5060.67 amid reports the central bank has spent reserves to hold the currency at its new limit of 1.32 to the dollar. Companies with dollar debts were among the biggest decliners. Petroleo Brasileiro SA, the state-owned oil company, plunged 21 percent to 85.1. ''Petrobras has a huge amount of dollar debt, which is something every investor wants to avoid at a moment like this,'' said Roque Sut Ribeiro, who manages $40 million in equities at Banco Marka SA in Rio de Janeiro. Interest rate futures for March delivery soared to 52 percent from 42 percent yesterday. -------------------------------------------------------------------------------- latinvestor.com