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Financial News: BRAZIL: Ibovespa Falls Amid Thin Trading Volume

BRAZIL: Ibovespa Falls Amid Thin Trading Volume

06/29/2018 - 13:13:00 (RTTNews)

(RTTNews) - After three consecutive trading sessions higher, the Ibovespa closed down by 1.11% at 70,609.00 points Wednesday, showing volatility amid thin trading volume due to Brazil's national team match in the World Cup and the scenario of uncertainty regarding world trade.

Also weighing on the index was the fall in Eletrobras shares, which reflect the decision of the Brazilian Supreme Court (STF) on privatizations.

"A lot of people anticipated the sale, as the trading floor was practically stopped during the afternoon due to the game. With the thin volume and a scenario of instability, the stock market also tends to fall," said Codepe Corretora chief economist, Jose Costa.

Among the highlights were the shares of Eletrobras (ELET3 -4.08%, ELET6 -5.05%), after the STF prohibited the government from making privatizations without approval by the National Congress. Ultrapar shares (-4.86%) and Rumo (-4.15%) also had strong decreases. Vale (-0.56%) and Ita? Unibanco (-2.14%) also closed lower.

Meanwhile, Petrobras shares (PETR3, +2.69%, PETR4 +3.17%) were among Ibovespa's best performances due to oil prices abroad and comments by Minister Moreira Franco that the transfer of rights could yield US$ 28 billion to the company.

Meanwhile, the locally traded U.S. dollar rose 2.05%, reaching R$ 3.876, amid thin trading volume due to Brazilian match in the World Cup.

For the coming days, in addition to continuing to monitor the external scenario amid the trade war declared by Donald Trump's administration, investors should await further opinion polls on Brazil's presidential election.

For comments and feedback: contact editorial@rttnews.com

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