Brazilian stocks fall, led by real estate sector
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NEW YORK (MarketWatch) -- Brazilian equities fell Tuesday, dragged lower by the real estate sector as home builder Gafisa said it will sell shares in a primary offering.
n Sao Paolo, the Bovespa stock index dropped 484 points, or 0.9%, to stand at 54,004 points in intraday trading.
The Bovespa benchmark rallied 2.4% on Monday, boosted by rising commodity prices and optimism over a global economic recovery. The index is up 45% this year.
Shares of Gafisa SA (GFA 17.55, -1.17, -6.25%), a company engaged in building homes and in real estate, fell 5.6% on Tuesday to rank among the top decliners in the Brazilian market.
Gafisa intends to offer common shares to the public in a primary offering. The company said it plans to file a registration statement with the U.S. Securities and Exchange Commission to register the offering of its common shares and American depositary shares.
