http://money.msn.com/business-news/arti ... d=17276730
Petrobras is bouncing back with strength after recent losses, but the stock is still dealing with the impact of recommendations from JP Morgan and Goldman Sachs that investors sell off emerging market assets," said Pablo Spyer, a director with Mirae Securities in Sao Paulo. Petrobras shares, which due to their high liquidity tend to attract foreign investors looking for exposure to Brazil's market, are down 15 percent over the past three months. Part of that flight is due to the perception that developed markets offer better investment prospects as Brazil deals with higher interest rates, government meddling in the private sector and lower expectations for economic growth. Spyer, along with a number of local banks and brokers including BB Investimentos and Grupo BTG Pactual, have remained bullish on the local market, however. "I think the pullback in Brazil stocks is basically over," he said. "Brazil is at a good price. Yes, the government creates some difficulties here, there have been a lot of interventions, but it's all priced in now."