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© Reuters. The Sao Paulo Stock Market shoots up 2.0% and closes again in green
Sao Paulo, Nov 29 (.).- The Sao Paulo stock market shot up 2.0% this Tuesday and its index, a benchmark for the parquet, closed at 110,909 points, driven by the possibility that in the coming months there will be less restrictions against covid-19 in China, and for the future of the country’s fiscal policy.
Investors were optimistic this Tuesday with the announcements to expedite the vaccination of older adults in the Asian giant and with the decision of the Brazilian Congress to discuss a project that seeks to open spaces in the 2023 budgets to finance subsidies for the poorest.
Although the project presented by the transition team and with the approval of the president-elect, Luiz Inácio Lula da Silva, proposes that some 198,000 million reais (38,000 dollars) be released from the limit on public spending in the next four years, some congressmen believe That should only be done for two years.
That is welcomed by investors who are fearful that fiscal spending will skyrocket in the government of the progressive leader.
These events also weighed on the foreign exchange market, where the dollar depreciated by 1.43% and closed at 5,287 reais for purchase and 5,288 reais for sale.
Among the most traded shares of the day, common shares of mining giant Vale topped the list (+4.19), followed by preferred shares of state oil company Petrobras (NYSE:) (+4.27%).
The largest gains were already recorded by the Compañía Siderúrgica Nacional, whose ordinary shares appreciated by 8.47% and by the preferential shares of the Brazilian bank Pan (+8.21%).
On the opposite side were the ordinary shares of the Brazilian aircraft manufacturer Embraer (BVMF:) (-3.64%) and the preferential shares of the Brazilian airline Azul (-3.19%).
During the day, 27,736 million reais (about 5,253 million dollars) were traded as a result of more than 4.1 million financial transactions.
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