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Article: Brazilian stocks sink again on corruption scandal concerns
- Article from:
- AP Worldstream
- Article date:
- June 15, 2005
- Author:
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ALAN CLENDENNING, AP Business Writer
AP Worldstream
06-15-2005
Dateline: SAO PAULO, Brazil
Investors dumped Brazilian stocks Wednesday amid continuing jitters over the impact of a bribes-for-votes political scandal that has shaken the market-friendly administration of President Luiz Inacio Lula da Silva.
Shares on the benchmark Bovespa index fell 2.9 percent Wednesday morning, erasing most of Tuesday's 3.4 percent gain.
The reversal came as investors started to have second thoughts about the fallout from testimony by Rep. Roberto Jefferson in Congress Tuesday on his accusations that Silva's governing Workers Party paid off opposition congressmen to secure support for the party's legislative ...