Around the World's Markets: Sao Paulo

BRAZILIAN STOCKS stumbled at the close yesterday as investors sold shares, thinking a stronger dollar was making local shares look less attractive in greenback terms. Traders were also discouraged because a much-awaited programme from the IMF was not released during trading hours.

The Bovespa blue-chip index slipped 0.45 per cent to 9,465 points, while the market's benchmark Telebras lost 2.67 per cent. Brazil's real currency firmed 4 per cent to end at 1.99 to the dollar.