Brazil risk penalizes Portugal Telecom

The increasingly leery view of Brazil?s immediate future taken by the international capital market is driving up country risk and affecting a number of global telecommunications groups with investments here. Portugal Telecom?s stock price is on a nine-month low, largely reflecting currency depreciation and uncertainty about the presidential succession in Brazil, according to Bruno Moreira Silva, a trader with Banco Português de Investimento. Other European telcos have taken similar hits on major stock exchanges. Portugal Telecom controls Telesp Celular and has a significant equity stake in UOL, Brazil?s largest ISP. PT stock is down 19% in the year to date, closing Wednesday, June 12, on $6.62 (NYSE), an eight-month low and down 3.85% on the day.

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