Investors Watch Argentina
May 04, 2011
The Sao Paulo Stock Exchange dropped 658 to 62489 on the Bovespa Index, after losing 224 Wednesday. The Rio de Janeiro Stock Exchange lost 220 to 22960. Of the 50 stocks making up the Bovespa Index, 12 were higher, 30 were lower and eight were unchanged. Traders said Argentine President Carlotta Duval appears to be having more difficulties than expected with Congress in passing new economic measures designed to reduce the public deficit. Thursday's trading volume was 246 million reals, down from Wednesday's 375 million reals. Shares of the government's telephone holding company, Telebras, which accounted for 61% of trading volume Thursday, fell 0.7 point, or 0.9%, to 76.30 reals per thousand shares, while subsidiary Telesp slipped 0.5 point, or 0.3%, to 194.50 reals per thousand shares. Another subsidiary, Telepar, jumped 22 points, or 4.7%, to 493 reals per thousand shares. Cemig declined 0.05 point, or 0.2%, to 29.95 reals per thousand shares. Light dropped 4 points, or 1.3%, to 294 reals per thousand shares. Preferred shares of government-run electric holding company Eletrobras decreased 5 points, or 1.8%, to 280 reals per thousand shares, while common shares fell 4 points, or 1.4%, to 273 reals per thousand shares. Federal oil company Petrobras dropped 2.5 points, or 2%, to 123 reals per thousand shares. The government's mining giant, Vale do Rio Doce, gained 0.16 point, or 0.9%, to 18.66 reals per single share.
