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Financial News: BRAZIL: Investors Take Profits As Ibovespa Falls After

BRAZIL: Investors Take Profits As Ibovespa Falls After Hitting Record

10/04/2017 - 20:30:00 (RTTNews)

(RTTNews) - Ibovespa, the benchmark stick index in Brazil, fell 0.22% Wednesday, closing at 76,591.43 points in a profit-making movement after it renewed its settlement record on Tuesday (76,762.91).

In the local political scene, market players were expecting the defense of the President Michel Temer before the House of Representatives related to a second criminal complaint against him. Abroad, tensions over a possible declaration of independence of Catalonia, as well as the neutral speech of the U.S. Fed chairwoman Janet Yellen at an event on community banks, brought slightly negative signals to the Brazilian market.

"Yesterday's high was very strong, some stocks, like CSN, rose 10% and this called the seller to the market, which tried to balance a bit in the trading session today," said the chief economist at Homebroker Modalmais, Álvaro Bandeira.

According to the analyst of Magliano Corretora, Pedro Galdi, the fall in the session did not remove the positive bias of the stock market. "The realization came because yesterday rose more than 3%," said the analyst.

Meanwhile, the locally traded U.S. dollar lost strength against the main global currencies and closed down 0.50% against the Brazilian real, quoted at R$ 3.1320.

For Thursday, Bandeira indicates that there is room for the market to rise again, since the agenda of indicators is still weak and the political scenario remains stable. Galdi is waiting for data on job creation (payroll) in the United States, which will be released on Friday, bringing a possible downward pressure on the Ibovespa.

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