17.05.2018 01:41:09

BRAZIL: Stocks Rise More Than 1% Amid Technical Correction

(RTTNews) - Ibovespa, the benchmark stock market index in Brazil, rose 1.65%, to 86,536.97 points, correcting from recent losses after the end of the earnings season.

"There was a market correction after a significant fall in the Ibovespa and in some stocks from companies that had contraction in their results. After the end of the earnings season, investors are analyzing which stocks were more undervalued," said Toro Radar's investment analyst Luana Nunes.

She added that stocks linked to commodities, like Vale (VALE3 1.77%) and Petrobras (PETR3 1.84% sessions.

Analysts, however, expect the Brazilian stock market to remain volatile, especially after the central bank's relatively surprising decision to keep the benchmark interest rate unchanged at 6.50%.

The locally traded US dollar rose 0.40%, to R$ 3.6770, after data showed that the Brazilian economy had a weaker-than-expected performance in March.

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