Slippery crude knocks Petrobras, Brazil real drops

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SAO PAULO, Brazil, Aug 22 (Reuters) - Brazilian stocks eased on Friday as falling commodity prices knocked Petrobras and Vale, while the local currency fell sharply against the dollar, which benefited from lower oil and metal prices.

The Bovespa index .BVSP of the Sao Paulo Stock Exchange was 0.2 percent lower at 55,850.13 points and Brazil's currency the real (BRBY) weakened 1.2 percent to trade at 1.629 per dollar. Crude prices fell more than 5.4 percent on Friday in the biggest one-day slide since 2004.

The drop hurt Petrobras (PETR4.SA), the index's top weighted stock, and it fell 0.3 percent to 35.29 reais. Chief Executive Jose Sergio Gabrielli said on Friday the company is studying, but not yet planning, a sale of stock to raise capital for the development of newly found sub-salt fields.

Mining giant Vale (VALE5.SA), lost 1.8 percent to 38.10 reais as copper prices eased.

The slide in oil prices boosted airlines however, with Gol Linha Aereas (GOLL4.SA) rising 2 percent to 14.10 reais and Tam airlines (TAMM4.SA) putting on 1.5 percent to 31.99 reais.

The downside was also limited by Brazilian banks which rose in sympathy with their American counterparts. U.S. financial stocks were boosted by a jump in Lehman Brothers after the Korea Development Bank said U.S. brokerage was a possible acquisiton target.

In Brazil, Bradesco (BBDC4.SA), the country's largest private sector bank, climbed 0.6 percent to 30.37 reais, Itau (ITAU4.SA) gained 0.9 percent to 31.55 reais and Banco do Brasil (BBAS3.SA) rose 0.9 percent to 23.51 reais.

Unibanco UBBR11.SA rose 1.4 percent to 19.33 reais. The bank, which recently hired a Deutsche Bank executive to head its London brokerage, plans to bulk up its international business, betting demand from overseas investors for Brazilian securities will grow, Unibanco's head of investment banking said in an interview.