AGL 38.40 Decreased By ▼ -1.18 (-2.98%)
AIRLINK 127.70 Decreased By ▼ -3.52 (-2.68%)
BOP 6.95 Increased By ▲ 0.14 (2.06%)
CNERGY 4.51 Decreased By ▼ -0.20 (-4.25%)
DCL 8.19 Decreased By ▼ -0.25 (-2.96%)
DFML 38.70 Decreased By ▼ -2.77 (-6.68%)
DGKC 79.30 Decreased By ▼ -2.79 (-3.4%)
FCCL 31.75 Decreased By ▼ -1.35 (-4.08%)
FFBL 70.50 Decreased By ▼ -2.37 (-3.25%)
FFL 12.13 Decreased By ▼ -0.13 (-1.06%)
HUBC 107.49 Decreased By ▼ -3.25 (-2.93%)
HUMNL 13.90 Decreased By ▼ -0.61 (-4.2%)
KEL 4.88 Decreased By ▼ -0.31 (-5.97%)
KOSM 7.30 Decreased By ▼ -0.31 (-4.07%)
MLCF 37.54 Decreased By ▼ -1.36 (-3.5%)
NBP 68.08 Increased By ▲ 4.07 (6.36%)
OGDC 186.74 Decreased By ▼ -6.08 (-3.15%)
PAEL 24.70 Decreased By ▼ -0.98 (-3.82%)
PIBTL 7.25 Decreased By ▼ -0.09 (-1.23%)
PPL 147.48 Decreased By ▼ -6.59 (-4.28%)
PRL 24.70 Decreased By ▼ -1.13 (-4.37%)
PTC 16.91 Decreased By ▼ -0.90 (-5.05%)
SEARL 79.30 Decreased By ▼ -3.00 (-3.65%)
TELE 7.40 Decreased By ▼ -0.36 (-4.64%)
TOMCL 32.42 Decreased By ▼ -1.04 (-3.11%)
TPLP 8.18 Decreased By ▼ -0.31 (-3.65%)
TREET 16.64 Increased By ▲ 0.02 (0.12%)
TRG 56.00 Decreased By ▼ -1.40 (-2.44%)
UNITY 27.82 Increased By ▲ 0.31 (1.13%)
WTL 1.31 Decreased By ▼ -0.06 (-4.38%)
BR100 10,301 Decreased By -203.1 (-1.93%)
BR30 30,327 Decreased By -899 (-2.88%)
KSE100 96,692 Decreased By -1387.6 (-1.41%)
KSE30 30,110 Decreased By -448.2 (-1.47%)

Brazil's stocks slipped on Friday on fears of interest rate hikes at home and abroad while the currency strengthened as state-run oil giant Petrobras repatriated some foreign sales.
The Sao Paulo Stock Exchange's benchmark Bovespa index shed 1.2 percent to end at 22,415 points. The index lost about 0.5 percent this week.
"The fundamentals are good, but the uncertainty about domestic interest rates is worrying. As a result, the trend should be for the bourse to give up ground," said Francisco Andrade, partner at Perimeter Asset Management in Sao Paulo.
Among individual stocks, bellwether telephone company Tele Norte Leste Participacoes fell 1.73 percent lower at 38.55 reais, while Banco Bradesco slipped 1.4 percent to 140.50 reais.
But local shares tracked US stock markets down, and also reacted negatively to a big rise in the Fipe retail price index for Sao Paulo. That fuelled fears that Brazil's central bank will hikes its benchmark interest rate, currently at 16 percent, in the coming months.
Consumer prices in Sao Paulo, South America's biggest city, rose 0.99 percent in August after increasing 0.59 percent in July, the University of Sao Paulo's Economic Research Institute (Fipe) said on Friday.
The local real currency gained 0.41 percent to close at 2.928 per US dollar.
"We traded $20 million today for Petrobras, which looks like it is bringing in $60 million," a currency trader at a Brazilian bank said.
Despite continued inflation worries and signs that retail prices are rising, the real was supported by expectations of dollar inflows from corporate bond sales overseas. Investors are also expecting Brazil to issue a new sovereign government bond in the coming weeks.
"Demand for Brazilian debt should remain high, even if the Fed (US Federal Reserve) ups rates next month as expected," said Carlos Cintra, a fixed income trader at Banco Prosper in Rio de Janeiro.

Copyright Reuters, 2004

Comments

Comments are closed.