Brazil stocks, currency slump on global worries

Fri Jul 10, 2009 10:36pm BST
 
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SAO PAULO, July 10 (Reuters) - Brazilian stocks closed nearly flat on Friday in line with U.S. markets, as bargain hunters offset investors fretting over falling commodity prices and weak U.S. consumer confidence, while the real eased.

The benchmark Bovespa index .BVSP inched higher by 0.09 percent to close at 49,220.78 its first gain in six sessions, following a market holiday on Thursday.

Gains in the construction industry and mobile telephony as well as in oil giant Petrobras helped offset losses of commodity shares.

"After a long series of losses, investors here appear to prefer buying back their portfolios," said Pedro Galdi, analyst with SLW brokerage.

The real (BRBY), Brazil's currency, fell 0.55 percent to close at 2.002 per dollar as the greenback strengthened broadly against a global basket of currencies .DXY.

U.S. indexes were mixed with poor consumer confidence figures weighing on investor sentiment.

The Dow industrial average .DJI and the S&P 500 Index .SPX ended lower, while the Nasdaq IXIC moved marginally higher.

A slump in commodities sent Brazilian steel and mining companies lower.  Continued...

 

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