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Financial News: BRAZIL: Ibovespa Falls To Lowest Point Of The

BRAZIL: Ibovespa Falls To Lowest Point Of The Year On External Scene

06/18/2018 - 18:07:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, closed down 1.33% to 69,814.74 points Monday, hitting its lowest level this year on a day marked by investor uncertainty with the intensifying trade tensions between the United States and China. The caution of the Brazilian market before the meeting of the Central Bank's Monetary Policy Committee (Copom) and the stock option maturity also influenced.

"There has not been much news to please the market in the last few days. Investors are waiting for Copom's decision. They are seeing a lot of interventions in the locally traded U.S. Dollar," said Alvaro Bandeira, head economist at Homebroker Modalmais.

According to Spinelli Brokerage's chief strategist, Glauco Legat, the "new beginning" of the U.S.-China trade war was not well-regarded for the market as a whole, but it weighed more against emerging markets and continued to price the Ibovespa today.

"The negative movement today came from the outside and contaminated the entire market here," Legat said.

In the business field, Vale was up 0.16% among the most traded, while Petrobras' preferred shares fell 0.47% and Ita? Unibanco's shares fell 2.03%.

"Bank shares are pushing the index down in recent weeks following uncertainty on the political landscape," Legat said.

The shares of Via Varejo had a 4.21% drop, followed by Rumo's shares (-3.61%). The highest high of the day was for RD shares, which gained 2.5%, followed by JBS shares, up 2.41%.

Meanwhile, the locally traded U.S. dollar closed up 0.29%, quoted at R$ 3.741, reflecting the trade tension between the United States and China. Emerging and commodity-linked currencies have lost against the U.S. currency.

For tomorrow, the first day of Copom's meeting, Bandeira sees a downward trend for the Ibovespa, despite the graphical indications that 69,000 points is an Ibovespa support.

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