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Main Sao Paulo stock index, Brazilian real rebound a day after sharp sell-off

BRAZIL STOCK MARKET | 19 de mayo de 2017

Main Sao Paulo stock index, Brazilian real rebound a day after sharp sell-off
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A visitor observes stock indices displayed on a monitor at the Sao Paulo Stock Exchange during a sharp sell-off on 18 May 2017. EFE

Sao Paulo, May 19 (efe-epa).- The Sao Paulo Stock Exchange's benchmark index opened higher on Friday, a day after plummeting nearly 9 percent amid Brazil's burgeoning political crisis.

The Ibovespa, which ended down 8.8 percent on Thursday, had climbed 0.17 percent to 61,704 five minutes after the start of trading.

In the currency market the Brazilian real opened up 2.58 percent against the United States dollar, climbing to 3.314 per greenback. On Thursday, Brazil's currency plunged 8.96 percent against the dollar, its biggest one-day drop since 1999.

Despite the recovery by Brazilian stocks and the real, market analysts expect corruption allegations against President Michel Temer to cause further volatility.

Thousands of people took to the streets of a dozen Brazilian cities on Thursday to demand Temer's resignation.

The protests materialized hours after Brazil's Supreme Court authorized an investigation into allegations Temer encouraged the payment of bribes to buy the silence of a former top lawmaker convicted earlier this year of graft.

Justice Edson Fachin, who is overseeing cases in the high court related to the investigation of a $2 billion corruption scheme centered on state oil company Petrobras, approved the probe of the president's conduct.

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