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Financial News: BRAZIL: Stocks Fall As Traders Take Profits Amid

BRAZIL: Stocks Fall As Traders Take Profits Amid Opaque Political Horizon

08/30/2017 - 19:35:00 (RTTNews)

(RTTNews) - Ibovespa, the main stock market index in Brazil, fell 0.62% Wednesday, closing at 70,886.26 points, with investors taking profits amid fears of a potential new criminal complaint against the President Michel Temer. Oil price losses abroad, which made Petrobras' shares fall more than 2%, also lead the Brazilian stock market lower.

"Today's decline was the continuation of a profit-taking that the market began to rehearse yesterday," said H. Commcor's operations desk manager, Ari Santos.

In recent days, the stock market has reached 71,000 points (a level last seen more than six years ago), driven by the expectation of approval of measures that may improve the government's fiscal balance.

However, market agents point out that the government still has much to do and that, at any moment, negative news can disrupt its plans, such as a new complaint against Temer.

In addition to the uncertainty brought on the political scene, oil prices fell by more than 1 percent in the face of tropical storm Harvey. As a result, Petrobras' shares (PETR3 -3.01%, PETR4 -2.89%) weighed and led Ibovespa losses.

Petrobras shares only fell less than those of Qualicorp (QUAL3 -4.85%). The company's stocks were impacted by an unconstitutionality claim which questions the Brazilian National Supplementary Health Agency's rules that should cause an imbalance between Qualicorp and its competitors.

Meanwhile, after rising during the morning, the locally traded U.S. dollar turned around and closed down (-0.06%), at R$ 3.11620, influenced by the bid-ask struggle to form a more favorable Ptax tomorrow, in the last trading session of August.

Santos does not rule out that the stock exchange continues to show some profit-taking tomorrow as traders keep an eye on politics and await more relevant economic data, such as the Brazilian Gross Domestic Product (GDP) and the jobs report in the United States, which will be released on Friday.

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