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Financial News: BRAZIL: Ibovespa Ends Down As Traders Turn Cautious

BRAZIL: Ibovespa Ends Down As Traders Turn Cautious And Vale Weighs

09/14/2017 - 20:22:00 (RTTNews)

(RTTNews) - Ibovespa, the main stock index in Brazil, closed slightly down (-0.17%) at 74,656.67 points Thursday, after spending most of the day near stability. The index was affected by the losses of Vale's shares, which prevented it from ending in the black.

Meanwhile, investors were waiting for the new criminal complaint by the Attorney General's Office (PGR) against the President Michel Temer. Although already expected by the market, the new complaint may bring uncertainties and delays in the pension reform vote in Congress.

Vale's (VALE3 -3.16%) and steel and iron companies such as Gerdau Metalúrgica (GOAU4 -2.71%) tracked the drop of more than 3% in iron ore prices abroad amid lower demand from China.

The locally traded U.S. dollar fell 0.73%, to R$ 3,1160, after three consecutive trading sessions at high, influenced by the 0.41% increase in the Brazilian Central Bank's Economic Activity Index in July over June, higher than expected.

For analysts at Itaú BBA, the Ibovespa would remain bullish in the short-term, but some profit-taking movement is not ruled out after several highs in a row.

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