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Financial News: BRAZIL: Ibovespa Falls With Deterioration Of External Scen

BRAZIL: Ibovespa Falls With Deterioration Of External Scene, Petrobras

06/21/2018 - 18:42:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, fell 2.84% to 70,074.89 points Thursday, driven by the deterioration of the foreign scenario after the United States Secretary of Commerce affirmed that the country has "more ammunition" in the case of a trade war. Domestically, the 6.84% drop in Petrobras' preferred shares helped push the index down.

"The issue of the trade war was not forgotten. The statements by the Secretary of Commerce indicated that the United States can still keep this course. There is a serious problem with this tariff war," said Alvaro Bandeira, the chief economist at Homebroker ModalMais.

According to Jose Costa, chief economist at Codepe Corretora, the movement was more because of "market moodiness than anything else." The drop in shares of the banking sector after the House of Representatives postponed voting on the positive record of clients, Costa said, also influenced the Ibovespa's slowdown. Itau Unibanco's shares fell 2.94% and Banco do Brasil's shares lost 3.55%.

Petrobras shares, Bandeira said, reacted to investors' uncertainty about how to pay for the transfer of rights.

"It is not known if it will be in cash, in barrels of oil, in installments," noted Bandeira.

Braskem's shares posted the highest daily high of 4.11%, followed by JBS shares, up 2.31%. On the other hand, Eletrobras ordinary shares fell 8.3%.

Meanwhile, the locally traded U.S. Dollar fell by 0.44%, quoted at R $ 3.7620, after breaking the level of R$ 3.80 twice during a volatile session. In the face of the upward pressure of the foreign currency, the Brazilian Central Bank twice acted with exchange swap contract operations, placing US$ 2 billion in the market.

For Friday, the volume of the Ibovespa should be hampered due to the match of the Brazilian national team in the World Cup, which, according to Costa, could keep the investor out of the market for much of the morning until the early afternoon. Both Bandeira and Costa said that the index should continue to fall.

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