© Reuters. Sao Paulo rises 0.72% after the cut to Lula’s social project
Sao Paulo, Dec 6 (EFE).- The Sao Paulo stock market advanced 0.72% this Tuesday after a first vote in Congress on the social project of the Brazilian president-elect, Luiz Inácio Lula da Silva, whose amount was reduced by a Senate committee.
The index, a reference for the parquet, closed with 110,188 basic points in a day in which financial operators were pending discussions of Lula’s plan to increase social spending in the budgets.
The Constitution and Justice Commission of the Senate gave the green light to the text, although it cut the claims of Lula’s Workers’ Party (PT (OTC:)) by 30,000 million reais (5.770 million dollars) and limited its validity to two years. compared to the four proposed by the allies of the president-elect.
This social package, which still has a long parliamentary process to go through, both in the Senate and in the Chamber of Deputies, includes maintaining subsidies to the poorest families for a value of 600 reais (about $115) per month, among other measures. .
The formula used to make it a reality will be to raise the budgets by 145,000 million reais (almost 28,000 million dollars), which has aroused fears in the financial market, concerned with a deterioration of the battered Brazilian public accounts.
After that first vote, the Ibovespa left the mixed terrain and settled in the green.
The shares that rose the most today in the São Paulo circle were the ordinary ones of the road operator Ecorodovias (6.7%) and the similar ones of the retail network Renner (5.0%).
On the contrary, the oil companies PetroRio (-3.8%) and 3R Petroleum (-3.5%) fell sharply, weighed down by the fall in the international price of .
The most traded titles were the preferred ones of the state oil company Petrobras (NYSE:) (0.08%) and the ordinary ones of the mining company Vale (1.4%).
The traded volume reached 24,000 million reais (about 4,600 million dollars), in 3,872,212 financial operations, according to preliminary results at the end of the session.
In the foreign exchange market, the US dollar depreciated 0.25% in Brazil and closed at 5,268 reais for purchase and sale, at the commercial exchange rate.