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Financial News: BRAZIL: Ibovespa Closes Almost Stable Amid Profit-taking A

BRAZIL: Ibovespa Closes Almost Stable Amid Profit-taking And Vale's Drop

09/19/2017 - 20:09:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, fell 0.02% Tuesday, closing at 75,974.18 points to remain near its record closing high. The index reduced losses next to the closing of the trading session, after an earlier profit-taking movement amid a sharp drop in iron ore prices abroad. Investors also showed a bit of caution ahead of the U.S. Federal Reserve board meeting tomorrow.

"There was a profit-making movement. The entire market is awaiting the Fed tomorrow, which can give more details on the possibility of raising interest rates in December and on its balance sheet," said Régis Chinchila, an analyst at Terra Investimentos.

The shares of CSN (CSN3 -2.85%) and Gerdau (GGBR4 -2.94%), as well as Vale's (VALE3 -0.79%), were impacted by the losses in iron ore.

Earlier, the Ibovespa was also affected by an opinion poll, showing that the former President Luiz Inacio Lula da Silva leads the spontaneous vote intentions for the first round of next year's presidential election, followed by the far-right representative Jair Bolsonaro.

The index, however, has shown only short-term profit-taking and continues with a positive trend in the short term, primarily driven by foreign investors, said Ignacio Crespo, an economist at Guide Investimentos.

The locally traded U.S. dollar closed near to stability (+0.03%), at R$ 3.1370, influenced by the electoral poll showing Lula well ahead of its main opponents in the most of the scenarios surveyed for 2018, and by the stronger tone of Donald Trump's speech against North Korea. The volume of dollar inflows in Brazil prevented a greater greenback increase.

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