Bovespa Plunge Flashes Warning Sign Brazilian Shares May Continue Tumbling
By Leon Lazaroff
Brazil’s benchmark stock index, the biggest decliner among the world’s 20 largest markets yesterday, is the most oversold since just after September 2001’s terrorist attacks, according to an indicator used in technical analysis. For Auerbach Grayson & Co.’s Richard Ross, a chartered market technician with 18 years experience, that’s a warning sign of further declines, not a signal to buy....
“If we are right and Brazil is entering a period of slower growth, I think corporate profitability may disappoint for a number of months and quarters,” he said. “I don’t see this as a period of weeks. This will be a period of disappointments.”
Billionaire Eike Batista’s mining company MMX Mineracao e Metalicos SA sank 16 percent yesterday while Petroleo Brasileiro SA, the state-controlled oil company, fell to its lowest level since December 2008. Steelmaker Gerdau SA slid the most since January 2009 after reporting earnings that missed estimates...
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