Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Steve Fancy who wrote (12154)	1/21/1999 12:17:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Brazil shares cut losses as profit-taking falters Reuters, Thursday, January 21, 1999 at 12:04 SAO PAULO, Jan 21 (Reuters) - Brazilian shares reined in a downward plunge at midday Thursday after a sell-off on a slide in the currency against the dollar lost steam, traders said. "There was some normal profit-taking, but the shares are still looking really cheap," a trader at a local bank said. The blue-chip Bovespa share index (INDEX:$BVSP.X) was down 2.85 percent at 7,456 points when trading resumed after the lunch break at 1430 local/1130 EST/1630 GMT. Shares earlier sank more than 6 percent as the newly devalued currency lost even more ground to the dollar despite Congress approving a key reform last night. The vote, passing a thorny pension reform measure seen as vital to the government's fiscal austerity drive, had been anticipated by the market. Some correction in stocks had been expected after the market gained more than 50 percent in the last four sessions since the government let the currency float. At an individual share level, electric utility Eletrobras (SAO:ELET6) preferred was looking attractive, traders said. It was even showing some gains at midday but was off 0.78 percent at 25.50 reais at 1450 local/1150 EST/1650 GMT. Other liquid stocks were also being eyed favorably. The Bovespa was back down 3.72 percent at 7,389 points at 1450 local/1150 EST/1650 GMT in what traders said would continue to be a volatile session. Copyright 1999, Reuters News Service