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Financial News: BRAZIL: Ibovespa Rise Boosted By External Flow

BRAZIL: Ibovespa Rise Boosted By External Flow

01/22/2018 - 18:24:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stock index in Brazil, rose 0.56% Monday to fresh record closing high of 81,675.42 points, driven by continued optimism in the external scenario. The gains were limited by the proximity of former Brazilian President Luiz Inacio Lula da Silva's trial on Wednesday.

"Most of the stock markets closed higher. In the United States, the stock markets are moving steadily, which ended up contributing to the local market. There was a massive flow of foreign investment," said Rafael Passos, the strategist at Guide Investimentos.

According to the chief economist of Codepe Corretora, José Costa, the investor remains bought, although he is awaiting the outcome of Lula's trial in the second instance, which may disrupt a possible candidacy of the former president later this year.

Monday's session highlight was Eletrobras share, which rose 7.25% after the bill to privatize the company was sent to the Congress.

"There has been progressing in the privatization of the company. A bill is seen in a more positive way than a decree," said Costa.

For Tueday, Costa and Passos project that the index continues in the positive field.

Meanwhile, the locally traded U.S. dollar again closed higher after three trading sessions falling against the Brazilian real in a technical adjustment of positions. Investors are cautious while waiting for Lula's trial. As a result, the greenback advanced 0.24%, quoted at R$ 3.210.

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