Around the World's Markets: Sao Paulo

PROFIT-TAKING sent Brazilian shares modestly lower, with the Bovespa index trading down 0.6 per cent at 11,056 points by the early afternoon.

The Bovespa was as much as 2.1 per cent higher in early trade, following a cut in interest rates on Wednesday evening.

The central bank reduced its key Selic rate by 2 percentage points to 32 per cent, its fourth rate cut since January's currency crisis.