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Financial News: BRAZIL: Ibovespa Falls On Profit-taking And Pension Reform

BRAZIL: Ibovespa Falls On Profit-taking And Pension Reform Uncertainty

12/05/2017 - 20:41:00 (RTTNews)

(RTTNews) - After rising for two trading sessions, the Ibovespa fell 0.74%, closing at 72,546.17 points Tuesday amid high volatility triggered by profit-taking and the lack of certainty regarding the pension reform bill.

"There has been profit-taking mixed with caution around the pension bill. The market started betting that it may not happen this year," said DNAInvest partner Sandro Dias.

According to him, some statements by Brazilian politicians have kept a climate of uncertainty about how much support the government garnered to pass the bill.

Meanwhile, profit-taking affected some blue-chips in the benchmark stock index in Brazil. The shares of Vale (-2.20%), Petrobras (-1.10%) and Itaú (-0,60%) gave up on earlier gains to end lower. Usiminas (-4.23) also fell sharply, posing as Ibovespa's biggest devaluation in the day.

The political uncertainties also led the locally traded U.S. dollar to close down for the third consecutive trading session (-0.40%), at R$ 3,235. The pension reform has again anchored the depreciation of the greenback against the Brazilian real amid expectations of approval in the coming days. Central bank interventions in the foreign exchange market also contributed to the downward pressure.

For the next few days, the pension reform bill should remain as the central focus, bringing volatility to the Ibovespa. But Dias noted that on Wednesday there would be a busy agenda that can affect local markets, such as oil inventory data in the United States and the Monetary Policy Committee decision on interest rate in Brazil.

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