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

To: Steve Fancy who wrote (12273)	1/22/1999 4:06:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Pretty darn incredible close. I expected a pull-back but it looked like a lot of small buys actually took it up as the Dow dropped. I just barely got out of my puts. Lost commissions one way. I figure I can get back in Monday if the Bovespa drops without much loss due to time value over the weekend and a likely drop in volatility. sf

To: Steve Fancy who wrote (12273)	1/22/1999 4:20:00 PM
From: Steve Fancy	Read Replies (2) \| Respond to of 22640

Brazil shrs end off 1.8 pct on forex fears-traders Reuters, Friday, January 22, 1999 at 15:59 SAO PAULO, Jan 22 (Reuters) - Brazilian shares closed off 1.8 percent on Friday, tumbling for the second day on renewed concerns about Brazil's seemingly unstoppable dollar outflows, traders said. "A lot of people were watching the fluctuations in the foreign exchange rate, but the real worry here is over the quantity of money leaving the country," a trader at Solidus brokerage in Porto Alegre said. Sao Paulo's key Bovespa index (INDEX:$BVSP.X) slumped to 7,190 points. The index closed up 6.6 percent this week, but erased much of its stellar rise in the last two days with a 6.3 percent decline. The Central Bank's decision to let the currency float freely against the dollar sparked the index's second-biggest rise in history last Friday and shares extended gains at the beginning of the week. As the currency continued to dive against the dollar and capital flight showed no sign of coming to an end, however, shares took a downward turn. A more than 1 percent decline on Wall Street fueled the pessimism in Brazil, traders said. Eletrobras preferred (SAO:ELET6) led a decline in blue-chip stocks, tumbling 4.9 percent to 23.10 reais. Iron ore miner Cia Vale do Rio Doce preferred (SAO:VALE5) bucked the market's trend on optimism over export opportunities after the devaluation. CVRD inched up 0.8 percent to 25 reais. Trading ahead of a three-day weekend in Sao Paulo, where 90 percent of the country's stock trading is carried out, was light at 344 million reais (about $200 million), compared with recent volume in excess of 500 million reais. When the Bovespa opens again on Tuesday it will look for signs from the government indicating how it will control the dollar flight and keep the currency crisis under control, traders said. The Rio de Janeiro stock exchange, where less than 10 percent of the country's trade is carried out, will be open on Monday. shasta.darlington@reuters.com)) Copyright 1999, Reuters News Service