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Financial News: BRAZIL: Ibovespa Falls Amid Profit-taking

BRAZIL: Ibovespa Falls Amid Profit-taking

01/29/2018 - 19:19:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, closed down 0.97% at 84,698.01 points on Monday amid profit-taking following last week's strong increase.

The negative movement of foreign markets, which operate in anticipation of the meeting of the board of directors of the United States Federal Reserve, also influenced the Brazilian market.

"Today what we saw was normal and healthy profit-taking," said Pedro Galdi, an analyst at Magliano Corretora. He noted that the market rose 5.3% last week alone and that there was room for investors the profits.

Galdi also pointed out that Vale's shares rose 1.11%, tracking the rise of steelmakers around the world.

Fibria's shares rose 5.22%. "There are rumors of the acquisition of Fibria and that it may be the target of Paper Excellence," said Mirae Asset COO Pablo Spyer.

For Tuesday, Spyer expects the market to likely rise again, while Galdi sees the possibility of the index continues to be pressured by the foreign market.

The locally traded U.S. dollar closed up 0.79%, at R$ 3,166, given the good mood of the investors, the correction movement and the expectation with the meeting of the United States Federal Reserve monetary policy committee (FOMC).

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