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Financial News: BRAZIL: Ibovespa Closes Near Stability Amid Adjustments An

BRAZIL: Ibovespa Closes Near Stability Amid Adjustments And Political Scene

10/02/2017 - 18:56:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, closed the first session of October slightly higher (+0.09%) Monday, at 74,359.83 points.

According to analysts, the index is still undergoing a correction movement while investors are more cautious regarding the political scene.

"The Ibovespa has been a bit sideways in recent days, but it's a natural market move after the strong bullishness. Overall, I think the scenario remains favorable," said Solange Srour, an economist at Arx Investimentos.

After reaching record highs in early September, closing above 75,000 points for the first time in history, the Ibovespa was marred by profit-taking last week. Monday, investors continued to adjust positions.

The political scene also prevented the Ibovespa from better results. During the weekend, a new Datafolha poll shows the former Brazilian president Luiz Inacio Lula da Silva leading in all the scenarios surveyed, leaving behind pro-market candidates. The efforts by the President Michel Temer to prevent a second criminal complaint against him from moving ahead in the Congress are still on the radar.

Among the highlights were the shares of Ambev (ABEV3 -1.19%), after the company announced that it joined the Special Tax Regularization Program, which should have an impact on its financial results through a R$ 3.1 billion expense.

The drop in oil prices abroad affected PETR4 shares (PETR4 +0.52%), which went higher only when the session was nearing its settlement.

For the next few days, there are still doubts whether the Ibovespa will go through more adjustments, but analysts have pointed out that they continue to see a positive trend.

The market should also wait for stronger indicators this week, such as data from the U.S. job market and the prices to Brazilian consumers on Friday.

Meanwhile, investors took advantage of the momentum of Brazilian assets to sell the locally traded U.S. dollar, pushing the greenback down against the Brazilian real on a day when it closed higher against the main currencies. The foreign exchange closed down by 0.41%, quoted at R$ 3,155.

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