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Financial News: BRAZIL: Ibovespa Rises Amid Position Adjustment, But Cauti

BRAZIL: Ibovespa Rises Amid Position Adjustment, But Caution Prevails

06/12/2018 - 18:42:00 (RTTNews)

(RTTNews) - After five straight sessions lower, the Ibovespa rose 0.61% to 72,754.12 points Tuesday, amid a position adjustment by investors. In the external scene, the meeting between the U.S. President Donald Trump and his North Korean counterpart King Jong Un brought neutral impact. Meanwhile, waiting for the meeting of the monetary policy committee of the U.S. Federal Reserve (Fed) justifies caution.

Earlier, the May U.S. price index came in line with market expectations, helping to ease tensions. According to Marcela Kasparian, a partner at Levante Investimentos, although afraid, foreign investors see the Brazilian stock market cheap after the 5% fall in the last five trading sessions and the return of the dollar to R$ 3.71.

"The foreign investor does the math and sees that it is no longer so attractive to stay out," said Kasparian.

According to Jose Costa, chief economist at Codepe Corretora, the market was expecting what would come out of the meeting between Trump and Kim, but the event ended up having no impact. "Nothing was announced, it was only a meeting. In the internal environment, interest and the dollar are apparently controlled, which opens space for Ibovespa purchase," said the executive.

In the business field, the highlight was for Embraer shares, which rose 7.06% with reports that a deal with Boeing would be even closer to being announced. Viavarejo shares rose 6.7% and Eletrobras shares rose 5.95%. The biggest drop of the day was CVC Brazil's shares (-4.57%), after the departure of a large foreign investor, Kasparian said.

The locally traded U.S. dollar closed down 0.45%, traded at R$ 3.7110, after two Central Bank (BC) actions in the opening hours of the trading session with the extra offers of 60 thousand traditional currency swap contracts adding up to US$ 3 billion.

For Wednesday, the Fed meeting will be the focus of the Ibovespa market and movement. Costa sees bullish chances for the index, as the Fed does not give a "hawkish" tone to its speech following interest rates.

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