The market has lost over 50 per cent of its value since the Russian financial crisis erupted earlier in the year. Telecom Brazil was yesterday's biggest loser, down 6 per cent on the day.
BRAZILIAN stocks were sharply lower in early afternoon trading as dips on Wall Street and in Asia sent investors into a spin. By early afternoon the benchmark Bovespa index had fallen 7 per cent to 6,450. Traders said the market was deeply concerned at the uncertainty over President Cardoso's budget and tax plans.