Sao Paulo stock exchange plummets, trading suspended

Sao Paulo stock exchange plummets, trading suspended Sao Paulo/Buenos Aires - Trading at the Sao Paulo stock exchange was again suspended Wednesday, for the sixth time in three weeks, after the fall in its leading index Bovespa went beyond the 10 per cent mark that activates the circuit breaker.

The half-an-hour suspension was launched at 5:17 pm (1917 GMT), less than 45 minutes before the scheduled closing time. The Bovespa was losing 10.03 per cent at the time.

Brazilian markets were again influenced by the market drops in the United States, Europe and Asia.

Tension was also apparent in the currency markets, where the dollar went for 2.3790/2.3810 units of the Brazilian real, with a rise of 6.39 per cent in relation to the previous day.

The value of the dollar has increased by 33.99 per cent this year.

The Buenos Aires stock exchange, in turn, suffered its own turbulences based on the government decision to seek the unification of the country's pension system into a public regime, following 14 years in which workers could opt for either a private or a public pension scheme.

The leading index Merval lost 10.11 per cent, although the drop was as large as 17 per cent at some points during the day. (dpa)

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