Shares Drop in Volatile Trade
March 28, 2011
The Bovespa Index on the Sao Paulo Stock Exchange dropped 1395 to 62934, after tumbling 2192 Monday. The Rio de Janeiro Index fell 403 to 22921. Of the 50 stocks making up the Bovespa Index, seven were higher, 37 were lower, five were unchanged and one was not traded. Volume was strong, with 673 million reals traded, up from Monday's 528 million reals. Stocks traded flat for the first two hours of Tuesday's session before suddenly dropping to 2.2% below Monday's closing index. The index was down as much as 5.9% before it recovered to end the day at the minus 2.2% mark. The government's telephone holding company, Telebras, which accounted for 75% of volume traded Tuesday, dropped 2.3, or 2.9%, to 78.80 reals per thousand shares. Subsidiary Telesp fell 13, or 5.9%, to 208 reals per thousand shares. Another subsidiary, Telepar, slumped 20, or 3.9%, to 492 reals per thousand shares. Federal oil company Petrobras fell 3or 2.5%, to 116 reals per thousand shares. The government's mining giant Vale do Rio Doce fell 0.4 point, or 2.9%, to 18.20 reals per single share.
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