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Financial News: BRAZIL: Ibovespa Falls For Sixth Consecutive Session Due

BRAZIL: Ibovespa Falls For Sixth Consecutive Session Due To Profit-taking

09/28/2017 - 21:20:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, closed down (-0.31%) for the sixth consecutive trading session, at 73,567.24 points Thursday, driven by the devaluation of Vale shares and also of steelmakers - and by a continued profit-taking movement by investors.

As a result, the index returned to its lowest closing since September 8, when it settled at 73,078.85 points, leaving behind a record level above 75,000 points.

"The market hit 75,000 points, reached an important level, but in doubt it stops, it takes to put profit in the pocket," José Costa, an economist at Codepe Corretora José Costa.

The shares of Vale (VALE3 -0.69%) and steelmakers, such as Usiminas (USIM5 -4.52%) and Gerdau (GGBR4 -2.51%) were among the highlights of the index decline, reflecting losses in the iron ore prices abroad and adjustments of positions after a strong appreciation in the year.

In the external scenario, José Costa recalls that there is still a prospect of a further rise in the United States interest rate this year, amid the announcement of a tax reform in the country yesterday. In the local political scene, he noted an increasing the pessimism regarding the pension reform bill.

For the next few days, analysts still have doubts about the continuity of the profit-taking, but continue to point out that there are still reasons for the Ibovespa to rise. "The Brazilian economy has had a gradual but solid recovery," said Rogério Freitas, an analyst at Florença Investimentos.

Meanwhile, after three sessions accumulating gains against the Brazilian real, the locally traded U.S. dollar closed down (-0.34%), quoted at R$ 3,1830, influenced by profit-taking after strong gains in recent days.

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